Wizard Corp. needs to take out a one$-$year bank loan of $$550,000$

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.$)$

Simple interest monthly payment $ :

Choices$-4800,5500,5600$

Add$-$on interest monthly payment $ :

Choices$-49958\mathrm{.}33,44962\mathrm{.}5,47460\mathrm{.}41$