Which of the following statements is CORRECT?

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