Question: Which results in a lower total interestcharge, borrowing $ 630 to be repaid 12 months later as asingle-payment loan or borrowing $ 630 to be

Which results in a lower total interestcharge, borrowing $630 to be repaid 12 months later as asingle-payment loan or borrowing $630 to be repaid as a12-month installmentloan? Assume a simple interest method of calculation at 11.25 percent interest. Defend your answer.Click on the table icon to view the MILPF table

The amount of interest on thesingle-payment loan is $___.(Round to the nearestcent.) \

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