Community Bank offers to lend you $65,000 at a nominal rate of 7.5%, compounded monthly. The loan (principal plus interest) must be repaid at the end...

Community Bank offers to lend you $65,000 at a nominal rate of 7.5%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Midwest Bank also offers to lend you the $65,000, but it will charge an annual rate of 8.0%, with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Midwest versus the rate charged by Community?