Which of the following statements is NOT correct? The present value of a 5-year, $100 ordinary annuity will be less than the present value of a 5-year, $100 annuity due. If a loan has a nominal annual rate of 12%, then the effective rate can never be less than 12%. If a loan or investment has annual payments, then the effective, periodic, and nominal rates of interest will all be the same. An investment that has a nominal rate of 8% with quarterly payments will have an effective rate that is less than 8%