Question: Which results in a lower total interest charge, borrowing 1 , 4 8 0 to be repaid 1 2 months later as a single payment

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 plan? Assume a simple interest method of calculation at 11.50 percent interest. What is the amount of interest on the single payment loan?

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