Big T Burgers and Fries 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 $11\%$ 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.$)$$$4,583\mathrm{.}33$$$5,041\mathrm{.}66$$$4,812\mathrm{.}50$$$4,354\mathrm{.}16$Another bank has offered $8\%$ add$-$on interest to be repaid in $12$

equal monthly installments. What is the monthly payment on this

add$-$on interest loan?$$42,750\mathrm{.}00$$$45,000\mathrm{.}00$$$47,250\mathrm{.}00$$$49,500\mathrm{.}00$