Stefan took the FINA $200$ Personal Finance course and knows to shop around when it comes time to obtain a loan. As he just passed his motorcycle course, he is looking to buy a motorcycle for the summer. He has gone to a few banks and has listed the posted rates below. He is obviously interested in the lowest rate. Which bank would provide Stefan with the lowest effective interest rate?

Bank of Nova Scotia's loan offer is $6\mathrm{.}99\%$ compounded monthly

RBC$\text{'}$s loan offer is $7\mathrm{.}0\%$ compounded quarterly

Toronto Dominion's loan offer is $7\mathrm{.}1\%$ compounded weekly

Bank of Montreal's loan offer is $7\mathrm{.}2\%$ compounded semi$-$annually

CIBC's loan offer is $6\mathrm{.}95\%$ compounded daily

Question $3$Select one:

a$.$

Bank of Montreal

b$.$

Toronto Dominion

c$.$

CIBC

d$.$

Bank of Nova Scotia

e$.$

Royal Bank of Canada