Gomez Electronics needs to arrange financing for its expansion program. Bank A offers to lend Gomez the required funds on a loan with an APR of 6%, in which interest must be paid monthly. Bank B will charge an APR of 7%, with interest due at the end of the year. What is the difference in the effective annual rates charged by the two banks? Select one: O a. 0.28% O b. 0.50% O c. 0.52% O d. 1.18% O e. 0.83%