Hank One offers to lend you $50,000 at a nominal rate of 7.0%, compounded monthly, Bank Two also offers to lend you the 530,000 , but it will charge a nominal rate of 7.29, compounded annually. What is the difference in the 1 tintive rate of two kanks and which Hank would you go to for the Loan. (Use two decimal points for difference, 1 (insh) 003 Choose Rank 1 0.0st Choose Bank 2 O oft S Same effective rate, choose Hank 1 or 2 botes, choose Rank 2 0 04*. Chisone Phak