Which results in a lower total interest charge, borrowing $1,460 to be repaid 12 months later as a single-payment loan or borrowing $1,460 to be repaid as a 12 -month installment loan? Assume a simple interest method of calculation at 11.25 percent interest. Defend your answer. 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.) Monthly Installment Loan Tables (\$1,000 loan with interest payments compounded monthly) \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline Interest & 6 & 12 & 18 & 24 & 30 & 36 & 48 & 60 & 72 \\ \hline 10.00% & 171.56 & 87.92 & 60.06 & 46.14 & 37.81 & 32.27 & 25.36 & 21.25 & 18.53 \\ \hline 10.25% & 171.68 & 88.03 & 60.17 & 46.26 & 37.93 & 32.38 & 25.48 & 21.37 & 18.65 \\ \hline 10.50% & 171.81 & 88.15 & 60.29 & 46.38 & 38.04 & 32.50 & 25.60 & 21.49 & 18.78 \\ \hline 10.75% & 171.93 & 88.27 & 60.40 & 46.49 & 38.16 & 32.62 & 25.72 & 21.62 & 18.91 \\ \hline 11.00% & 172.05 & 88.38 & 60.52 & 46.61 & 38.28 & 32.74 & 25.85 & 21.74 & 19.03 \\ \hline 11.25% & 172.18 & 88.50 & 60.63 & 46.72 & 38.40 & 32.86 & 25.97 & 21.87 & 19.16 \\ \hline 11.50% & 172.30 & 88.62 & 60.75 & 46.84 & 38.51 & 32.98 & 26.09 & 21.99 & 19.29 \\ \hline 11.75% & 172.42 & 88.73 & 60.87 & 46.96 & 38.63 & 33.10 & 26.21 & 22.12 & 19.42 \\ \hline 12.00% & 172.55 & 88.85 & 60.98 & 47.07 & 38.75 & 33.21 & 26.33 & 22.24 & 19.55 \\ \hline 12.25% & 172.67 & 88.97 & 61.10 & 47.19 & 38.87 & 33.33 & 26.46 & 22.37 & 19.68 \\ \hline 12.50% & 172.80 & 89.08 & 61.21 & 47.31 & 38.98 & 33.45 & 26.58 & 22.50 & 19.81 \\ \hline 12.75% & 172.92 & 89.20 & 61.33 & 47.42 & 39.10 & 33.57 & 26.70 & 22.63 & 19.94 \\ \hline 13.00% & 173.04 & 89.32 & 61.45 & 47.54 & 39.22 & 33.69 & 26.83 & 22.75 & 20.07 \\ \hline 13.25% & 173.17 & 89.43 & 61.56 & 47.66 & 39.34 & 33.81 & 26.95 & 22.88 & 20.21 \\ \hline 13.50% & 173.29 & 89.55 & 61.68 & 47.78 & 39.46 & 33.94 & 27.08 & 23.01 & 20.34 \\ \hline 13.75% & 173.41 & 89.67 & 61.80 & 47.89 & 39.58 & 34.06 & 27.20 & 23.14 & 20.47 \\ \hline 14.00% & 173.54 & 89.79 & 61.92 & 48.01 & 39.70 & 34.18 & 27.33 & 23.27 & 20.61 \\ \hline 14.25% & 173.66 & 89.90 & 62.03 & 48.13 & 39.82 & 34.30 & 27.45 & 23.40 & 20.74 \\ \hline 14.50% & 173.79 & 90.02 & 62.15 & 48.25 & 39.94 & 34.42 & 27.58 & 23.53 & 20.87 \\ \hline 14.75% & 173.91 & 90.14 & 62.27 & 48.37 & 40.06 & 34.54 & 27.70 & 23.66 & 21.01 \\ \hline 15.00% & 174.03 & 90.26 & 62.38 & 48.49 & 40.18 & 34.67 & 27.83 & 23.79 & 21.15 \\ \hline 15.25% & 174.16 & 90.38 & 62.50 & 48.61 & 40.30 & 34.79 & 27.96 & 23.92 & 21.28 \\ \hline 15.50% & 174.28 & 90.49 & 62.62 & 48.72 & 40.42 & 34.91 & 28.08 & 24.05 & 21.42 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|l|l|l|} \hline 15.75% & 174.41 & 90.61 & 62.74 & 48.84 & 40.54 & 35.03 & 28.21 & 24.19 & 21.55 \\ \hline 16.00% & 174.53 & 90.73 & 62.86 & 48.96 & 40.66 & 35.16 & 28.34 & 24.32 & 21.69 \\ \hline 16.25% & 174.65 & 90.85 & 62.97 & 49.08 & 40.78 & 35.28 & 28.47 & 24.45 & 21.83 \\ \hline 16.50% & 174.78 & 90.97 & 63.09 & 49.20 & 40.91 & 35.40 & 28.60 & 24.58 & 21.97 \\ \hline 16.75% & 174.90 & 91.09 & 63.21 & 49.32 & 41.03 & 35.53 & 28.73 & 24.72 & 22.11 \\ \hline 17.00% & 175.03 & 91.20 & 63.33 & 49.44 & 41.15 & 35.65 & 28.86 & 24.85 & 22.25 \\ \hline \end{tabular}
