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Which results in a lower total interest charge, borrowing $1,110 to be repaid 12 months later as a single-payment loan or borrowing $1,110 to be repaid as a 12 -month installment loan? Assume a simple interest method of calculation at 12.25 percent interest. Defend your answer. Note: Round intermediate computations to at least five (5) decimal places. Click on the tablo loon 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.)