At CryptoBank, a $100,000 loan for one year has a quoted interest rate of 11.10% payable annually but with a compensating balance of 10%. At MoBank, a $100,000 discount loan has a quoted interest rate of 8.80% payable annually. The loan at MoBank is ______ per year cheaper than that at CryptoBank. NO excel answers pls

a. 1.34%

b. 0.89%

c. 3.22%

d. 3.76%

e. 2.68%