Which of the following statements regarding a 10-year monthly payment amortized mortgage with a nominal interest rate of 8% is CORRECT?

a. A larger proportion of the first monthly payment will be principal, and a smaller proportion will be interest, than for the last monthly payment.

b. The total monthly payments will increase over time.

c. The total dollar amount of interest being paid off each month gets smaller as the loan approaches maturity.

e. The total monthly payments will decrease over time.

d. The amount representing interest in the first payment would be lower if the nominal interest rate were 10% rather than 8%.