Homework: 4-3 MyFinanceLab: Assignm... Question 2, Problem P7-... Part 1 of 3 HW Score: 0%, 0 of 50 points O Points: 0 of 7 Save Which results in a lower total interest charge, borrowing $1,940 to be repaid 12 months later as a single-payment loan or borrowing $1,940 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 11.25 percent interest. Defend your answer. Click on the table icon to view the MILPF table B. The amount of interest on the single-payment loan is $ (Round to the nearest cent.) Help Me Solve This View an Example Get More Help Clear All Check