A chart that shows the month-by-month breakdown of each mortgage payment into principal and interest and the outstanding balance of the loan is referred to as the annual loan statement.

Question

A chart that shows the month-by-month breakdown of each mortgage payment into principal and interest and the outstanding balance of the loan is referred to as the annual loan statement. ​

Quizplus · Accepted Answer

The chart described is known as an amortization schedule, not an annual loan statement. An amortization schedule breaks down each payment by principal and interest over the life of the loan, showing the remaining balance after each payment.

A Chart That Shows the Month-By-Month Breakdown of Each Mortgage