Which of the following statements is NOT CORRECT?

	A. An investment that has a nominal rate of 6% with semiannual payments will have an effective rate that is less than 6 %.
	B. The proportion of the payment that goes toward interest on a fully amortized loan declines over time.

C.	The present value of a 3-year, $150 annuity due will exceed the present value of a 3-year, $150 ordinary annuity.
	D. If a loan or investment has annual payments, then the effective, periodic, and nominal rates of interest will all be the same.

E.	If a loan has a nominal annual rate of 8%, then the effective rate can never be less than 8%.