Which of the following statements is correct?

a. An investment that has a nominal rate of 6% with semiannual payments will have an effective rate of less than 6%.

b. The present value of a $150 3-year ordinary annuity will exceed the present value of a $150 3-year annuity due

. C. If a loan has a nominal annual rate of 7%, then the effective rate will never be less than 7%

. d. The proportion of the payment that goes toward interest on a fully amortized loan increases over time.