Which of the Following Statements Is INCORRECT

Which of the following statements is INCORRECT?

A) The present value of a 3-year, $150 annuity due will exceed the present value of a 3-year, $150 ordinary annuity.
B) If a loan has a nominal annual rate of 8%, then the effective rate can never be less than 8%.
C) If a loan or investment has annual payments, then the effective, periodic, and nominal rates of interest will all be the same.
D) An investment that has a nominal rate of 6% with semiannual payments will have an effective rate that is less than 6%.