Tillyard Inc. requires a $25,000 1-year loan. The bank offers to make the loan, and it offers you three choices: (1) 15 percent simple interest, annual compounding; (2) 12 percent nominal interest, daily compounding (360-day year); (3) 10.2 percent add-on interest, 4 end-of-quarter payments. The first two loans would require a single payment at the end of the year, the third would require 4 equal quarterly payments beginning at the end of the first quarter. What is the difference between the highest and lowest effective annual rates?