Sho rt-term financing through bank loans Consider this case: Gizmonic Institute Corp. needs to take out a one-year bank loan of $600,000 and has been offered several different terms. One bank has offered a loan with 12% 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.) O $5,700.00 O $6,300.00 $6,000.00 O $6,600.00 Another bank has offered 9% add-on interest to be repaid in 12 equal monthly installments, what is the monthly payment on this add-on interest loan? $51,775.00 $49,050.00 O $54,500.00 $57,225.00 Choose the answer that best evaluates the following statement: Mall Tays Co. always prefers simple interest loans over add-on interest loans because even if the interest rate is higher on the simple interest loan, its monthly payment is lower The company needs to be sensitive to interest rate differences between loan types and take them into consideration when deciding what type of loan to take out O The company should only accept add-on interest loans when it cannot get simple interest loans