of 16 Alex wants to borrow $520,000 from the Royal Bank of Canada. Which of the following is correct? 1. As the term of a mortgage increases, holding interest rates constant, the monthly payments will increase. II. As the interest rates of a mortgage increase, holding the number of payments constant, the monthly payments will increase. III. As the monthly payments increase, holding the interest rates constant, the number of payments will decrease. Select one: O I and II are correct O All statements are correct O II and Ill are correct O Only II is correct O I and III are correct