Which of the following statements is INCORRECT?

When a loan nominal annual rate is 8%, its effective rate cannot be less than 8%.

The present value of a 5-year, $150 annuity due is larger than the present value of a 5-year, $150 ordinary annuity.

In case if annual payment (annual compounding period), then there is no difference between interest rates ie., nominal, effective, periodic rates.

When An investment that has a nominal rate of 7.5% with semiannual payments,then itseffective rate is less than 7.6%.