When the effects and impacts of compounding over time are taken into account, the effective annual interest rate is the true return on a savings account or any other interest-paying investment.
Option C is the correct answer: Loan F's effective rate will be 0.302 percentage points lower than Loan G's.
<h3>Given</h3>
The interest rate on loan F is 5.66 percent per month, compounded.
The interest rate on loan G is 6.02 percent, compounded semi-annually.
<h3>Computations of effective rates</h3>

Therefore, option c is the correct answer.
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