A Bank offers to lend you $60,000 at a nominal rate of 6.55%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. B Bank also offers to lend you the $50,000, but it will charge an annual rate of 8.0%, with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by B versus the rate charged by A?