Which one of the following is true concerning amortized loans?
A) A loan where annual payments include the interest due plus some set amount of principal is an amortized loan.
B) Amortized loans all have a balloon payment at the end of the loan term.
C) Amortized loan payments consist of interest only.
D) An amortized loan requires only one lump sum payment at the end of the loan term.
E) An amortized loan is a type of a pure discount loan.
Correct Answer:
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