True or False Question

If the statement is false, please correct it.

1: Annuities are unequal cash flows that go on for a finite period of time.

2: We can determine which PTM were being asked to solve for by noting what the problem provides in terms of r and n.

3: When given the annual withdrawals desired during the retirement period, the FVA tells us the amount we should have accumulated by the time we begin the retirement period.

4: Given the amount needed at the beginning of the retirement period, the annual deposits needed during the working period can be found by solving for PMT in the FVA formula.

5: PMT in the PVA formula tells us the periodic mortgage payment for a fixed-rate fully amortized loan.

6: The principal part of a fixed mortgage loan payment can be found by multiplying the periodic interest rate by ending balance for a given period.

7: For fixed-rate fully amortized mortgage loans, more of the fixed payment goes towards principal as we approach the end of the loan term.

8: We can find the amount needed to pay off a fixed-rate fully amortized mortgage loan at any point in time by solving for the PV of the remaining payments.