5. Computing the cost of a bank loan Banes co. wants to borren $300,000 on an add-on basis at a simple rate of 12.00 i. to be paid in nine monthly instaliments. Blanes Co; will receive the 5300,000 upon approval of the loan and will pay back the principat and interest over the life of the loan. anhuat rate (EAP) af thes add on han: (Note: do not round intevmediate calculations. Round dolar: valums to bhe nearnst wholo dollar: Raund percericages to two decanal plicese]