Uninode Inc. needs to take out a one-year bank loan of $400,000 and has been offered loan terms by two different banks. One bank has offered a simple interest loan of 11% that requires monthly payments. The loan principal will be paid back at the end of the year. Another bank has offered 8% 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.)

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