Which of the following statements regarding a 15-year (180-month) $125,000, 6% APR, fixed-rate mortgage is NOT CORRECT?(Ignore all taxes and transactions costs.)

The monthly loan payments are constant.

Interest payments on the mortgage will steadily decline over time.

The proportion of the monthly payment that goes towards repayment of principal will be higher 2 years from now than it will be the first year.

The remaining balance after three years will be $110,992.52.

The outstanding balance gets paid off at a faster rate in the later years of a loan's life.