Question: question 2 Which results in a lower total interest charge, borrowing $1,380 to be repaid 12 months later as a single-payment loan or borrowing $1,380

question 2

Which results in a lower total interest charge, borrowing $1,380 to be repaid 12 months later as a single-payment loan or borrowing $1,380 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 11 75 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.)

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