$6.$ Southwestern Bank offers to lend you $$50,000$ at a nominal rate of $6\mathrm{.}5\%,$ compounded monthly. The loan $($principal plus interest$)$ must be repaid at the end of the year. Woodburn Bank also offers to lend you the $$50,000,$ but it will charge an annual rate of $7\mathrm{.}0\%,$ with no interest due until the end of the year.

How much higher or lower is the effective annual rate charged by Woodburn versus the rate charged by Southwestern?