What document outlines the details of each payment made during the life of a loan?

The correct response is the payoff schedule or amortization table, as this document comprehensively details each payment made throughout the term of the loan. It typically outlines the breakdown of each payment into principal and interest components, illustrates how the outstanding balance decreases over time, and shows the overall term of the loan. This structured approach offers borrowers clarity on how much they owe at any point in time and how their payments affect the balance.

The other options do not provide the same level of detail. A payment notification generally serves as a reminder of upcoming payments but does not outline payments over the loan’s life. A loan agreement, while crucial in defining the terms and conditions of the loan, does not break down the payment schedule itself. An interest rate summary simply provides information about the rate but does not give insight into how repayments are structured over time. Thus, the payoff schedule or amortization table is the key document for understanding the payment details throughout the lifespan of a loan.