2. You are considering two loans. The terms of the two loans are equivalent with the exception of the interest rates. Loan A offers a rate of 7.75 percent, compounded daily. Loan B offers a rate of 8 percent, compounded semi-annually. Which loan should you select and why? A. A; the effective annual rate is 8.06 percent. B. A; the annual percentage rate is 7.75 percent. C. B; the annual percentage rate is 7.68 percent. D. B; the effective annual rate is 8.16 percent. E. The loans are equivalent offers so you can select either one