Use the information in the table to decide which of the following statements is true. A. The payment amount changes each month. B. The amount applied to the principal is decreasing each month. C. The amount applied to the principal is increasing each month. D. The amount applied to interest is increasing each month.

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09-02-2022
Business

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Use the information in the table to decide which of the following statements is true. A. The payment amount changes each month. B. The amount applied to the principal is decreasing each month. C. The amount applied to the principal is increasing each month. D. The amount applied to interest is increasing each month.

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dubeyshailja64 dubeyshailja64 · Answer 1 · 2022-02-17T06:53:32+01:00

Loan amortization schedule shows the summary regarding periodic loan payment. The given statment shows that the amount applied to the principal is increasing each month.

What is Loan Amortization Schedule?

The loan amortization schedule is a schedule that shows the periodic loan payment of principal along with the interest after the end of each period.

The amount of payment for each month is same whereas the amount of principal and interest may vary.

The given schedule is a loan amortization schedule for three years. The principal amount in the 13th month is $325.82, 14th month is $328.19, 15th month is $330.57 and it keeps on increasing till the 19th month.

Therefore the correct statement is C.

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