Clancy and 5 mith Corp. needs to take out a one year bank loan of $500,000 and has been offered loan terms by two different baniks One bank has offered a simple interest loan of 10% that requires monthly payments. The loan principal will be pald back ot the end of the yeac Another bank has offered 7% add-on interest to be repaid in 12 equal monthly instaliments. Based on a 360 - day year, what will be the monthly payment for each loan for November? (Hint: Remember that November has 30 days.) Choose the answer that tost evaluates the following statement: fitcom Cosp needs to borrow $10,000,000. The company has been cifered both simple interest and add on interest foans. The add on interest foan has a siguificantly lower interest rote than the simple interest ioan. The compary needs to evoluate more factors than just the interest rate before deciding which troe of loan it should accept