You just borrowed $1,400,000 using a 25 year home loan that's interest-only for the first 5 years, and principal and interest (P&I) for the remaining 20 years. The interest rate is 6.12% pa compounding monthly which is not expected to change. Which of the following statements is NOT correct? Select one:

a. The effective monthly rate is 0.0051 per month, given as a decimal. If the interest rate falls, the IO and P&I monthly payments will

b. If the IO term was one year shorter so the P&I term was one year longer, then the monthly payments over the P&I term would be higher.

c. The IO loan's perpetuity factor' is 196.078431, while the P&I loan's annuity factor is 138.241625.

d. The IO loan payments will be $7,140 per month, rounded to the nearest cent.

e. The P&I loan payments will be $10,127.2 per month, rounded to the nearest cent.