Question 10 (3.3 points) Mike Moneyminder has a 25-year, $200,000 mortgage with a nominal interest rate of 8 percent and monthly compounding. Which of the following statements regarding his mortgage is most correct? The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan. The monthly payments will increase over time. The total dollar amount of principal being paid off each month gets larger as the loan approaches maturity. Statements a and c are correct. Statements b and c are correct. Previous Page Next Page Page 10 of 30