Consider this case: Minuteman Cafe Inc. needs to take out a one-year bank loan of $450,000 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 360-day year, what will be the monthly payment for June? $3, 375.00 $3, 187.50 $3, 562.50 $3, 750.00 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? $40, 125.00 $38, 118.75 $32, 100.00 $36, 112.50