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Changes in mortgage principal and interest over time. Explain how the composition of the principal and interest components of a fixed-rate mortgage change over the life of the mortgage. What are the implications of this change?

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The composition of the principal and interest components of a fixed-rate mortgage decrease over the life of the mortgage.

What is a Mortgage?

This can be defined as a loan used to purchase or maintain a home or other types of real estate.

As the month passes, the amount of principal and interest decreases in what is known as mortgage amortization.

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