Use the Table to Solve the Problem

Multiple Choice

Use the table to solve the problem. Round to the nearest cent.
-A bank has $550,000 to lend for 9 months. It can lend it to a local contractor at a simple interest rate of 12%, or it can lend it to a small business that will pay 12% compounded monthly. If the bank wants to maximize its interest earned, who should receive the loan and what is the additional interest earned?

A) Contractor; $2,029.50
B) Business; $2,029.50
C) Business; $925,694.00
D) Contractor; $14,470.50