American Bank offers to lend you $$50,000$ at a nominal rate of $6\mathrm{.}5\%,$ compounded monthly. The loan $($principal plus interest$)$ must be repaid at the end of the year. Ault Bank also offers to lend you the $$50,000,$ but it will charge an annual rate of $7\mathrm{.}6\%,$ with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Ault versus the rate charged by American?

$0\mathrm{.}94\%$

$0\mathrm{.}90\%$

$0\mathrm{.}77\%$

$0\mathrm{.}87\%$

$1\mathrm{.}01\%$