Bank loans

Niagular Corp. 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? $3, 333.33 $4,000.00 $3, 500.00 $3,000.00 Another bank has offered 5% add-on interest to be repaid in 12 equal monthly installments. What is the monthly payment on this add-on Interest loan? $41, 562.50 $43, 750.00 $37, 187.50 $50, 312.50