Which results in a lower total interest charge, borrowing $$790$ to be repaid $12$ months later as a single$-$payment loan or borrowing $$790$ to be repaid as a $12-$month installment loan? Assume a simple interest method of calculation at $12\mathrm{.}00$ percent interest. Defend your answer.

Note: Round intermediate computations to at least five $(5)$ decimal places.

Click on the table icon to view the Monthly Installment Loan Payment Factor $($MILPF$)$ table: $.$

The amount of interest on the single$-$payment loan is $

$($Round to the nearest cent.$)$

$($Click on the following icon $$ in order to copy its contents into a spreadsheet.$)$

$\backslash$table$[[$Monthly Installment Loan Tables $($$$1,000$ loan with interest payments compounded monthly$)],[$Interest