Which of the following statements is not true about mortgages? The ending balance of an amortized loan contract will be zero. O Mortgages are examples of amortized loans. The payment allocated toward...

Extracted text: Which of the following statements is not true about mortgages? The ending balance of an amortized loan contract will be zero. O Mortgages are examples of amortized loans. The payment allocated toward principal in an amortized loan is the residual balance-that is, the difference between total payment and the interest due. Mortgages always have a fixed nominal interest rate.