Question: Please help with this question using the information provided. Which results in a lower total interest charge, borrowing $1,480 to be repaid 12 months later

Please help with this question using the information provided.

Which results in a lower total interest charge, borrowing $1,480 to be repaid 12 months later as a single-payment loan or borrowing $1,480 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 12.25 percent interest. Defend your answer. Click on the table icon to view the MILPF table , The amount of interest on the single-payment loan is $ . (Round to the nearest cent.) The amount of interest on the 12-month installment loan is $ . (Round to the nearest oent.) Why does the 12-month installment loan result in lower interest charges? (Select the best choice below.) A. Interest costs are lower when you have the use of the entire $1,480 for the full year (the single-payment loan). With installment payments, the principal is gradually being repaid and interest is paid only on the unpaid balance of the loan. 0 B. Interest costs are higher when you have the use of the entire $1 .480 for the full year (the single-payment loan). With installment payments, the principal is gradually being repaid and interest is paid only on the unpaid balance of the loan.

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