Which of the following statements is false?

A	The present value of a three-year, $150 annuity due will exceed the present value of a three-year, $150 ordinary annuity.

B	The proportion of the payment that goes toward interest on an amortized loan declines over time.

C	If an investment pays interest compounded annually, the effective, periodic, and stated rates of interest will all be the same.

D	If interest rates are positive, the future value of a given sum will always be less than its present value.

E	A loan repaid in equal periodic amounts is called an amortized loan.