Which results in a lower total interest charge, borrowing $1,450 to be repaid 12 months later as a single-payment loan or borrowing $1,450 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 11.75 percent interest. Defend your answer.

The amount of interest on the single-payment loan is $ enter your response here. (Round to the nearest cent.)

(Click on the following icon I} in order to CODY its contents into a spreadsheet.) Monthly Installment Loan Tables ($1,000 loan with interest payments compounded monthly) 10.00% 171.56 8?.92 60.06 46.14 3?.81 32.2? 10.25% 10.50% 10.?5% 11 00% 11 25% 11 50% 12.50% 12.?5% 13.00% 13.25% 13.50% 4131 4T.42 33.98 39.10