Which of the following one-year, $1,000 bank loans offers the lowest effective annual rate? a. A loan with an APR of 6.0%, compounded monthly. b. A loan with an APR of 6.0%, compounded annually, with a compensating balance requirement of 10.0% (on which no interest is paid). The EAR for the loan in this case is | |96. (Round to one decimal place.) b. A loan with an APR of 6.0%, compounded annually, with a compensating balance requirement of 10.0% (on which no interest is paid. The EAR for the loan in this case is 11%. (Round to one decimal place.) C. A loan with an APR of 6.0%, compounded annually, with a 1.00% loan origination fee. The EAR for the loan in this case is | |96. (Round to one decimal place.) Which bank loan offers the lowest effective annual rate? (Select the best choice below.) 0 A. The loan in part (c) is the cheapest. O B. The loan in part (b) is the cheapest C. The loan in part (a) is the cheapest. O D. The three loans are equivalent