You plans to borrow money from a bank. Which of the following banks provides you with the lowest effective rate of interest?

Group of answer choices

Bank $5$: $7\mathrm{.}75\%$ with daily $(365-$day$)$ compounding.

Bank $2$: $8\mathrm{.}0\%$ with annual compounding.

Bank $1$: $8\mathrm{.}0\%$ with monthly compounding.

Bank $4$: $8\mathrm{.}0\%$ with daily $(365-$day$)$ compounding.

Bank $3$: $8\mathrm{.}0\%$ with quarterly compounding.