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Lucy wants to borrow $500,000 from Royal Bank of Canada: 30-years mortgage with an interest rate of 6% (the term is 5 years). Which of the following is correct? 1. As the term of a mortgage increases, holding interest rates constant, monthly payments will increase. II. As the interest rate of a mortgage increases, holding number of payments constant, monthly payments will increase. III. As monthly payments made increase, holding the interest rate constant, the number of remaining payments will decrease. O a. Only I and III are correct O b. Only I and II are correct O c. Only II and III are correct O d. All statements are correct e. None of statements is correct