Sunshine Bank offers to lend you $$50,000$ at a nominal rate of $6\mathrm{.}5\%,$ compounded monthly. The loan $($principal plus interest$)$ must be repaid at the end of the year. Cloudy Bay Bank also offers to lend you the $$50,000,$ but it will charge an annual rate of $7\mathrm{.}9\%,$ with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Cloudy Bay versus the rate charged by Sunshine?

A$.$

$1\mathrm{.}42\%$

B$.$

$0\mathrm{.}90\%$

C$.$

$1\mathrm{.}20\%$

D$.$

$1\mathrm{.}18\%$