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Which of the following statements is not true about mortgages? The ending balance of an amortized loan contract will be zero. The payment allocated toward

Which of the following statements is not true about mortgages?

The ending balance of an amortized loan contract will be zero.

The payment allocated toward principal in an amortized loan is the residual balance

that is

,

the difference between total payment and the interest due.

Mortgages always have a fixed nominal interest rate.

Mortgages are examples of amortized loans.

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