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 that is smaller than 6%. b. The proportion of the payment that goes toward interest on a fully amortized loan increases over time. c. The present value of a 3-year, $150 ordinary annuity will exceed the present value of a 3-year, $150 annuity due d. If a loan has a nominal annual rate of 8%, then the effective rate will never be less than 8%. e. If a loan or investment has annual payments, then the effective, periodic, and nominal rates of interest will all be different