Which results in a lower total interest$$ charge, borrowing $$$$1$ comma $250$ to be repaid $12$ months later as a$$ single$-$payment loan or borrowing $$$$1$ comma $250$ to be repaid as a$12-$month installment$$ loan? Assume a simple interest method of calculation at $11\mathrm{.}00$ percent interest. Defend your answer.$$

$$Note: Round intermediate computations to at least five$(5)$ decimal places.

Click on the table icon to view the Monthly Installment Loan Payment Factor$($MILPF$)$ table: LOADING....

Question content area bottom

Part $1$

The amount of interest on the$$ single$-$payment loan is $$$