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Which results in a lower total interest charge, borrowing $1000 to be repaid 12 months later as a single payment loan or borrowing $ 1000
Which results in a lower total interest charge, borrowing $1000 to be repaid 12 months later as a single payment loan or borrowing $ 1000 to be repaid as a 12 month installment loan? Assume a simple interest method of calculation at 12% interest. Defend your answer
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