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Which of the following is true of amortized loans? Over the life of the loan, the payment remains constant. Initial payments on an amortized loan

Which of the following is true of amortized loans?

Over the life of the loan, the payment remains constant.

Initial payments on an amortized loan are mostly used to pay down the principal.

The principal increases exponentially over time.

Over the life of the loan, the payment varies greatly.

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