Which of the following statements about commercial paper is most likely incorrect?

Select one:

a. Commercial paper can be issued without collateral

b. Commercial paper is sold at a discount from face value but does not pay interest to investors

c. There are two types of commercial paper programs in the U.S., and each type has a unique maximum maturity

d. The yields on commercial paper are typically lower than the interest rate on traditional bank loans and on treasury-bill yields