9. Gomez Electronics needs to arrange financing for its expansion program. Bank A offers to lend Gomez the required funds on a loan in which interest must be paid monthly, and the quoted rate is 8%. Bank B will charge 8.8%, with interest due at the end of the year. What is the difference in the effective annual rates charged by the two banks? 0.50% b. 0.60% 0.80% d. 0.90% 1.20% a. c. e