The National Bank offers personal loans at 8.125% compounded on a monthly basis the global bank offers similar loans at 8.25% compound it on a quarterly basis which one of the following statements is correct concerning these two banks? A. The National Bank loan has a higher effective rate than the global bank loan B. the National Bank loan has an effective rate of 8.43% C. the global bank loan has an effective rate of 8.15% D. the National Bank loan has an effective rate of 8.33% E the global bank loan has an effective rate of 8.30%