QUESTION 30 Bank offers to lend you 5100.000 at a nominal rate of 6%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Bank B also offers to lend you the $100.000, but it will charge 6.404, with interest due at the end of the year. What is the difference in the effective annual rates charged by the two banks? O 0.40 O 0.13 O 0.23 O 0.30 O 0.33