Question: Which results in a lower total interest charge, borrowing $910 to be repaid 12 months later as a single-payment loan or borrowing $910 to be

Which results in a lower total interest charge, borrowing $910 to

Which results in a lower total interest charge, borrowing $910 to be repaid 12 months later as a single-payment loan or borrowing $910 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 $111.48. (Round to the nearest cent.) The amount of interest on the 12-month installment loan is (Round to the nearest cent.)

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