Which of the following is NOT CORRECT?

Select one:

a.The annual percentage yield is greater than the annual percentage rate.

b.The proportion of the payment of a fully amortized loan that goes toward interest decreases over time.

c.The proportion of the payment of a fully amortized loan that goes toward the repayment of principal decreases over time.

d.If there is annual compounding, then the effective, periodic, and nominal rates of interest are all the same.

e.If a loan has a nominal rate of 10%, then the effective rate can never be less than 10%