The last interest payment on a 12-year,6%,$138,000,fully-amortized loan with annual payments will be less than the first interest payment.

Name: The last interest payment on a 12-year,6%,$138,000,fully-amortized loan with annual payments will be less than the first interest payment.
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Question

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In a fully amortized loan, the payments are structured so that the amount of interest decreases over time as the principal is paid down, making the last interest payment less than the first.

The Last Interest Payment on a 12-Year,6%,$138,000,fully-Amortized Loan with Annual