Frank Lewis has a 30-year, $500,000 mortgage with Westpac Bank at a nominal interest rate of 8% p.a. and monthly compounding. Which of the following statements regarding his mortgage is most correct?

a. The monthly payments will decline over time.

b. The proportion of the monthly payment which represents interest will be lower for the last payment than for the first payment on the loan.

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

d. **Statements B and C are correct.**