Question: i need the answer for this question in 10 min please Bank One offers to lend you $50,000 at a nominal rate of 6.75%, compounded

i need the answer for this question in 10 min please

Bank One offers to lend you $50,000 at a nominal rate of 6.75%, compounded monthly. Bank Two also offers to lend you the $50,000, but it will charge a nominal rate of 7.0%, compounded annually. What is the difference in the Effective rate of two banks and which Bank would you go to for the Loan. (Use two decimal points for difference, x.xx%) O 0.0%, Same effective rate, choose Bank 1 or 2 0.04%, Choose Bank 2 0.04%, Choose Bank 1 0.03%, Choose Bank 2 0.03%, Choose Bank 1

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