Which of the following statements about installment notes payable is correct?

	The amount of loan reduction included in each payment decreases as more payments are made.
	The interest expense on the installment note decreases as more payments are made.
	The amount of interest decreases over the life of the note payable, but the amount of the loan balance stays the same.
	The amount of amount of interest included in the payment is not related to the amount owed on the note payable.