Riverside Bank offers to lend you $50,000 at a nominal rate of 6.25%, 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 annual compounding. What's the difference in the effective annual rates charged by the two banks? O 0.67% O 0.25% O 0.30% O 0.44% O 0.57%