Which results in a lower total interest charge, borrowing $1,410 to be repaid 12 months later as a single-payment loan or borrowing $1,410 to be repaid as a 12 -month installment loan? Assume a simple interest method of calculation at 13.00 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: The amount of interest on the single-payment loan is \$ (Round to the nearest cent.)