Which statement is NOT correct?

Group of answer choices

As the debt ratio increases, the cost of equity also increases.

After-tax cost of debt is lower than the before-tax cost of debt.

As the debt ratio increases, the weighted average cost of capital also increases.

For an all-equity financed firm, the unlevered and levered cost of equity are equal.

As the debt ratio increases, the unlevered cost of equity is not affected.