Questions MC.05.136. Algo Question 25 of 26 25. 26. Riverside Bank offers to lend you $50,000 at a nominal rate of 5.7%, 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 7.5%, with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Midwest versus the rate charged by Riverside? o a. 0.00% o b. 1.65% [1.919 d. 1.80% e. 2.06%