7. Bank loans Short-term financing through bank loans Atlantic Northern Inc needs to take out a one-year bank loan of $500,000 and has been offered several different terms. One bank has offered a loan with 8% simple interest that requires monthly payments. The loan principal will be paid back at the end of the year, Based on a 360-day year, what will be the monthly payment for June (Hint: Remember that June has 30 days) 53,666.66 $3,333.33 $4,000.00 53,833.33 Another bank has offered $% add-on Interest to be repaid in 12 equal monthly installments. What is the monthly payment on this add-on interest loan $50,312.50 $43,750.00 $48,125.00 $52,500.00