Which of the following statements regarding the proceeds from issuing bonds is NOT true?

a. If the market rate equals the contract rate, bonds will sell at the face amount. b. A bond sells at a discount because buyers are not willing to pay the full face amount for bonds with a market rate that is lower than the contract rate. c. The price of a bond is quoted as a percentage of the bond's face value. d. If the market rate is less than the contract rate, the bonds will sell at a premium.