Please assist with the given problem.
Your family recently obtained a 30 (360 month) $100,000 fixed rate mortgage. Which of the following statements is most correct and why? (ignore taxes and transactions costs).
1) The remaining balance after 3 years will be $100,000 less the total amount of interest paid during the first 36 months.
2) The proportion of the monthly payment that goes toward repayment of principal will be higher ten years from now than it will be this year.
3) The monthly payment on the mortgage will steadily decline over time.
4) All of the statements above are correct.
5) None of the above statements are correct.