Which results in a lower total interest charge, borrowing $1,000 to be repaid 12 months later as a single-payment loan or borrowing $1,000 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 12 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 120. (Round to the nearest cent.) The amount of interest on the 12-month installment loan is $ (Round to the nearest cent.)