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What will be monthly payment for each loan for november

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Big Kahuna Burger 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 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.

Question 1: Based on a 360 day, what will be the monthly payment for each loan for November? (Hint: November has 30 days)

Question 2: Simple monthly interest payment is

Question 3: Add on interest monthly payment is

Reference no: EM132519205

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