Short-term financing through bank loans Fishnet Publications Inc. needs to take out a one-year bank loan of $400,000 and has been offered several different terms. One bank has offered a loan with 9% 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.) $3,000.00$2,700.00$3,600.00$3,300.00 Another bank has offered 6% add-on interest to be repaid in 12 equal monthly installments. What is the monthly payment on this add-on interest loan? $38,866.66$42,400.00$35,333.33$31,800.00