Which results in a lower total interest charge, borrowing $1,910 to be repaid 12 months later as a single-payment loan or borrowing $1,910 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 12.75 percent interest. Defend your answer. Click on the table icon to view the MILPF table B. The amount of interest on the single-payment loan is $ (Round to the nearest cent.) The amount of interest on the 12-month installment loan is $. (Round to the nearest cent.) Why does the 12-month installment loan result in lower interest charges? (Select the best choice below.) O A. Interest costs are higher when you have the use of the entire $1,910 for the full year (the single-payment loan). With installment payments, the principal is gradually being repaid and interest is paid only on the unpaid balance of the loan. the unpaid O B. Interest costs lower when you have the use of the entire $1,910 for the full year (the single-payment loan). With installment payments, the principal is gradually being repaid and interest is paid only balance of the loan