question 13 please

thank you very much

Farmers Bank offers to lend you $50,000 at a nominal rate of 5.0%, simple interest, with interest paid quarterly. Merchants Bank offers to lend you the $50,000, but it will charge 6.2%, simple interest, with interest paid at the end of the year. What's the difference in the effective annual rates charged by the two banks? 1.33% 1.09% 0.91% 1.11% 0.83%