A $50,000 loan is to be amortized over 7 years, with equal annual end-of-year payments. Which of these statements is CORRECT? a. The annual payments would be smaller if the loan were amortized over 10 years. If the loan were amortized over 10 years rather than 7 years, and if the interest rate were the same b. in either case, the first payment would include more dollars of interest under the 7-year amortization plan. The proportion of each payment that represents interest as opposed to repayment of principal c. would be higher if the interest rate were lower. d. The last payment would have a higher proportion of interest than the first payment