Short-term financing through bank loans Consider this case: Atlantic Northern Inc. 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 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? (Hint: Remember that June has 300 days.) $5,750.00 $6,000.00 $5,500.00 $5,000.00 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? $53,500.00 $64,200.00 $50,825.00 $48,150.00