PIUuler TJ Slllllal 1) Which results in a lower total interest charge, borrowing $1,970 to be repaid 12 months later as a single-payment loan or borrowing $1,970 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 11 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 $ (Round to the nearest cent.) Data Table Monthly Installment Loan Tables ($1,000 loan ith interest payments compounded monthly) i 6 12 18 24 30 36 48 60 72 84 96 4.00% 168.62 85.15 57.33 43.42 35.08 29.52 22.58 18.42 15.65 13.67 12.19 4.25% 168.74 85.26 57.44 43.54 35.19 29.64 22.69 18.53 15.76 13.78 12.31 4.50% 168.86 85.38 57.56 43.65 35.31 29.75 22.80 18.64 15.87 13.90 12.42 4.75% 168.98 85.49 57.67 43.76 35.42 29.86 22.92 18.76 15.99 14.02 12.54 5.00% 169.11 85.61 57.78 43.87 35.53 29.97 23.03 18.87 16.10 14.13 12.66 5.25% 169.23 85.72 57.89 43.98 35.64 10.08 23.14 18.99 16.22 14.25 12.78 5.50% 169.35 85.84 58.01 44.10 35.75 30.20 23.26 19.10 16.34 14.37 12.90 5.75% 169.47 85.95 58.12 44.21 35.87 30.31 23.37 19.22 16.46 14.49 13.02 6.00% 169.60 86.07 58.23 44.32 35.98 30.42 23.49 19.33 16.57 14.61 13.14 6.25% 169.72 86.18 58.34 44.43 36.09 30.54 23.60 19.45 16.69 14.73 13.26 6.50% 169.84 86.30 58.46 44.55 36.20 30.65 23.71 19.57 16.81 14.85 13.39 6.75% 169.96 86.41 58.57 44.66 36.32 30.76 23.83 19.68 16.93 14.97 13.51 7.00% 170.09 86.53 58.68 44.77 36.43 30.88 23.95 19.80 17.05 15.09 13.63 7.25% 170.21 86.64 58.80 44.89 36.55 30.99 24.06 19.92 17.17 15.22 13.76 7.50% 170.33 86.76 58.91 45.00 36.6631.11 24.18 20.04 17.29 15.34 13.88 7.75% 170.45 86.87 59.03 45.11 36.77 31.22 24.30 20.16 17.41 15.46 14.01 8.00% 170.58 86.99 59.14 45.23 36.89 31.34 24.41 20.28 17.53 15.59 14.14 17 21 16 24 62 on 7414 01 Q260 170 107 al 06 46 2127 Print Done ar Study P 8.25% 170.70 87.10 59.25 45.34 37.00 31.45 24.53 20.40 17.66 15.71 14.26 8.50% 170.82 87.22 59.37 45.46 37.12 31.57 24.65 20.52 17.78 15.84 14.39 8.75% 170.95 87.34 59.48 45.57 37.23 31.68 24.77 20.64 17.90 15.96 14.52 9.00% 171.07 87.45 59.60 45.68 37.35 31.80 24.89 20.76 18.03 16.09 14.65 9.25% 171.19 87.57 59.71 45.80 37.46 31.92 25.00 20.88 18.15 16.22 14.78 9.50% 171.32 87.68 59.83 45.91 37.58 32.03 25.12 21.00 18.27 16.34 14.91 9.75% 171.44 87.80 59.94 46.03 37.70 32.15 25.24 21.12 18.40 16.47 15.04 10.00% 171.56 87.92 60.06 46.14 37.81 32.27 25.36 21.25 18.53 16.60 15.17 10.25% 171.68 88.03 60.17 46.26 37.93 32.38 25.48 21.37 18.65 16.73 15.31 10.50% 171.8188.15 60.29 46.38 38.04 32.50 25.60 21.49 18.78 16.86 15.44 10.75% 171.93 88.27 60.40 46.49 38.16 32.6: 25.72 21.62 18.91 16.99 15.57 11.00% 172.05 88.38 60.52 46.61 38.28 32.74 25.85 21.74 19.03 17.12 15.71 11.25% 172.18 88.50 60.63 46.72 38.40 32.86 25.97 21.87 19.16 17.25 15.84 11.50% 172.30 88.62 60.75 46.84 38.51 32.98 26.09 21.99 19.29 17.39 15.98 11.75% 172.42 88.73 60.87 46.96 38.63 33.10 26.21 22.12 19.42 17.52 16.12 12.00% 172.55 88.85 60.98 47.07 38.75 33.21 26.33 22.24 19.55 17.65 16.25 12.25% 172.67 88.97 61.10 47.19 38.87 33.33 26.46 22.37 19.68 17.79 16.39 12.50% 172.80 89,08 61.21 47.31 38.98 33.45 26.58 22.50 19.81 17.92 16.53 12.75% 172.92 89.20 61.33 47.42 39.10 33.57 26.70 22.63 19.94 18.06 16.67 13.00% 173.04 89.32 61.45 47.54 39.22 33.69 26.83 22.75 20.07 18.19 16.81 7190 ASI ERAT 20 21 22 24 26 OE 9 Q100 24 990 i Data Table 13.50% 173.29 89.55 61.68 47.78 39.46 33.94 27.08 23.01 20.34 18.46 17.09 13.75% 173.41 89.67 61.80 47.89 39.58 34.06 27.20 23.14 20.47 18.60 17.23 14.00% 173.54 89.79 61.92 48.01 39.70 34.18 27.33 23.27 20.61 18.74 17.37 14.25% 173.66 89.90 62.03 48.13 39.82 34.30 27.45 23.40 20.74 18.88 17.51 14.50% 173.79 90.02 62.15 48.25 39.94 34.42 27.58 23.53 20.87 19.02 17.66 14.75% 173.9190.14 62.27 48.37 40.06 34.54 27.70 23.66 21.01 19.16 17.80 15.00% 174.03 90.26 62.38 48.49 40.18 34.67 27.83 23.79 21.15 19.30 17.95 15.25% 174.16 90.38 62.50 48.61 40.30 34.79 27.96 23.92 21.28 19.44 18.09 15.50% 174.28 90.49 62.62 48.72 40.42 34.91 28.08 24.05 21.42 19.58 18.24 15.75% 174.41 90.61 62.74 48.84 40.54 35.03 28.21 24.19 21.55 19.72 18.38 16.00% 174.53 90.73 62.86 48.96 40.66 35.10 28.34 24.32 21.69 19.86 18.53 16.25% 174.65 90.85 62.97 49.08 40.78 35.28 28.47 24.45 21.83 20.00 18.68 16.50% 174.78 90.97 63.09 49.20 40.91 35.40 28.60 24.58 21.97 20.15 18.82 16.75% 174.90 91.09 63.21 49.32 41.03 35.53 28.73 24.72 22.11 20.29 18.97 17.00% 175.03 91.20 63.33 49.44 41.15 35.65 28.86 24.85 22.25 20,44 19.12 17.25% 175.1591.32 63.45 49.56 41.27 35.78 28.98 24.99 22.39 20.58 19.27 17.50% 175.28 91.44 63.57 49.68 41.39 35.90 29.11 25.12 22.53 20.73 19.42 17.75% 175.40 91.56 63.69 49.80 41.52 36.03 29.24 25 26 22.67 20.87 19.57 18.00% 175.53 91.68 63.81 49.92 41.64 36.15 29.37 25.39 22.81 21.02 19.72 18.25% 175.65 91.80 63.93 50.04 41.76 36.28 29.51 25.53 22.95 21.16 19.88 TARL7677101 ORA 160 17141 RO2 An 90 R AZ22 na 212120nal