Which of the following statements regarding a 30-year monthly payment amortized mortgage with a nominal interest rate o 10% is correct? The amount representing interest in the first payment would be higher if the nominal interest rate were 7% rather than 10% Exactly 10% of the first monthly payment represents interest The monthly payments will decline over time. The total dollar amount of principal being paid off each month gets smaller as the loan approaches maturity A smaller proportion of the last monthly payment will be interest, and a larger proportion will be principal, than for the first monthly payme Question 30 You decided to invest in one of two bonds. Both bonds have par - $1,000, the same maturity date, and the same riskiness. Which one should you choose? Pick the bond with the lowest price because you want to buy low and sell high Pick the bond with the highest EAR because it has the highest expected return Pick the bond with the highest YTM so that you'd eam more interest. Pick the bond with the highest coupon rate because it has higher cash flows