The First Bank offers personal loans at 7.5 percent compounded quarterly. The Second Bank offers similar loans at 7.25 percent compounded monthly. Which one of the following statements is correct concerning these two banks? The Second Bank loan has an effective rate of 7.50 percent. The Second Bank loan has a higher effective rate than the First Bank loan. The Second Bank loan has an effective rate of 7.67 percent. The First Bank loan has an effective rate of 7.67 percent. The First Bank loan has an effective rate of 7.78 percent. You borrow $45,000. You make 15 monthly repayments at an interest rate of 8% p.a. compounded monthly. What is the size of each monthly repayment? $5,257.33 $3,162.48 $3,000.00 $3.816.64