Consider this case: Big Kahuna Burger Inc. needs to take out a one-year bank loan of $550,000 and has been offered several different terms. One bank has offered a loan with 10% simple interest that requires monthly payments. The loan principal will be paid back at the end of the year. Based on a 365-day year, what will be the monthly payment for June? $4,294.52 $5,198.63 $4,520.55 $5,424.66 Another bank has offered 7% add-on interest to be repaid in 12 equal monthly installments. What is the monthly payment on this add-on interest loan? $53,945.84 $51,493.75 $46,589.59 $49,041.67