Short-term financing through bank loans Consider this case: Clancy and Smith Corp. needs to take out a one-year bank loan of $450,000 and has been offered loan terms by two different banks, one bank has offered a simple interest loan of 12% that requires monthly payments. The loan principal will be paid back at the end of the year. Another bank has offered 9% add-on interest to be repaid in 12 equal monthly installments. Based on a 360-day year, what will be the monthly payment for each loan for November? (Hint: Remember that November has 30 days.) Value Simple interest monthly payment [ Add-on interest monthly payment