Question: Which results in a lower total interest charge, borrowing $ 1 comma 2 5 0 to be repaid 1 2 months later as a single

Which results in a lower total interest charge, borrowing $1 comma 250 to be repaid 12 months later as a single-payment loan or borrowing $1 comma 250 to be repaid as a12-month installment loan? Assume a simple interest method of calculation at 11.00 percent interest. Defend your answer.
Note: Round intermediate computations to at least five(5) decimal places.
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Part 1
The amount of interest on the single-payment loan is $

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