Riverside Bank offers to lend you $$50,000$ at a nominal rate of $6\mathrm{.}5\%,$ compounded monthly. The loan $($principal plus interest$)$ must be repaid at the end of the year. Midwest Bank also offers to lend you the $$50,000,$ but it will charge an annual rate of $7\mathrm{.}0\%,$ 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?

a$.0\mathrm{.}52\%$

b$.0\mathrm{.}44\%$

c$.0\mathrm{.}36\%$

d$.0\mathrm{.}30\%$

e$.0\mathrm{.}24\%$