If you borrowed 250,000 today, and you need to make equal payments every year for the next 5 years, which one of the following statements is true?

a) timing of payments does not matter

b) payments at the beginning of each year is bigger than the payments made at the end of each year

c) payments at the begginning of each year is smaller than the payments made at the end of each year

d) payments made at the end of each year is smaller than the payments made at the beginning of each year