Which of the following statements is true of amortization?

Question

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Amortization refers to the process of paying off a debt through regular payments, typically with a fixed repayment schedule. The amortization schedule provides details of the equated monthly payments, the principal and interest portion of each payment, and the remaining unpaid principal balance. It is different from simple interest, which calculates interest only on the principal amount. The total value to be paid at the end of maturity is not the sole focus of amortization.

Which of the Following Statements Is True of Amortization