Question 9 Riverside Bank offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Midwest Bank also offers to lend you the $50,000, but it will charge an annual rate of 7.0%, with no interest due until the end of the year. What's the difference in the effective annual rates charged by the two banks? 0 0.57% 0.83% O 0.30% 0,04% 0.23%