Which results in a lower total interest charge, borrowing $1,980 to be repaid 12 months later as a single payment loan or borrowing $1,980 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 13% interest. Defend your answer.

43.87 Monthly Installment Loan Tables ($1,000 loan ith interest payments compounded monthly) 6 12 18 24 30 36 48 60 72 84 168.62 85.15 57.33 43.42 35.08 29.52 22.58 18.42 15.65 13.67 168.74 85.26 57.44 43.54 35.19 29.64 22.69 18.53 15.76 13.78 168.86 85.38 57.56 43.65 35.31 29.75 22.80 18.64 15.87 13.90 168.98 85.49 57.67 43.76 35.42 29.86 22.92 18.76 15.99 14.02 169.11 85.61 57.78 35.53 29.97 23.03 18.87 16.10 14.13 169.23 85.72 57 89 43.98 35.64 30.08 23.14 18.99 16.22 14.25 169.35 85.84 58.01 44.10 35.75 23.26 19.10 16.34 14.37 169.47 85.95 58.12 44.21 35.87 30.31 23.37 19.22 16.46 14.49 169.60 58.23 44.32 35.98 30.42 23.49 19.33 16.57 14.61 169.72 86.18 58.34 44.43 36.09 30.54 23.60 19.45 16.69 14.73 169.84 86.30 58.46 44.55 36.20 30.65 23.71 19.57 16.81 14.85 169.96 86.41 58.57 44.66 36.32 30.76 23.83 19.68 16.93 14.97 170.09 86.53 58.68 44.77 36.43 30.88 23.95 19.80 17.05 15.09 170.21 86.64 58.80 44.89 36.55 30.99 24.06 19.92 17.17 15.22 170 22 A6 76 5R 01 26 21 11 2418 2004 17.20 15 21 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7 500 30.20 96 12.19 12.31 12.42 12.54 12.66 12.78 12.90 13.02 13.14 13.26 13.39 13.51 13.63 13.76 12 99 86.07 H HH ITUO 25.40 10.00 UU.LT 60.29 1331 32.30 32.50 32.62 32.74 32.86 32.98 10.25% 10.50% 10.75% 11.00% 11.25% 11.50% 11.75% 12.00% 12.25% 12.50% 12.75% 13.00% 13.25% 13.50% 13.75% 14.00% 14.25% 00.US 88.15 88.27 88.38 88.50 88.62 88.73 88.85 88.97 89.08 89.20 89.32 33.10 171.81 171.93 172.05 172.18 172.30 172.42 172.55 172.67 172.80 172.92 173.04 173.17 173.29 173.41 173.54 173.66 60.40 60.52 60.63 60.75 60.87 60.98 61.10 61.21 61.33 61.45 40.20 46.38 46.49 46.61 46.72 46.84 46.96 47.07 47.19 47.31 47.42 47.54 47.66 47.78 47.89 48.01 37.95 38.04 38.16 38.28 38.40 38.51 38.63 38.75 38.87 38.98 39.10 39.22 39.34 39.46 39.58 39.70 33.21 33.33 33.45 33.57 33.69 33.81 33.94 34.06 34.18 34.30 25.60 25.72 25.85 25.97 26.09 26.21 26.33 26.46 26.58 26.70 26.83 26.95 27.08 27.20 27.33 27.45 2137 21.49 21.62 21.74 21.87 21.99 22.12 22.24 22.37 22.50 22.63 22.75 22.88 23.01 23.14 18.78 18.91 19.03 19.16 19.29 19.42 19.55 19.68 19.81 19.94 20.07 20.21 20.34 20.47 20.61 20.74 LU.73 16.86 16.99 17.12 17.25 17.39 17.52 17.65 17.79 17.92 18.06 18.19 18.33 18.46 18.60 18.74 18.88 15.44 15.57 15.71 15.84 15.98 16.12 16.25 16.39 16.53 16.67 16.81 16.95 17.09 17.23 17.37 17.51 89.43 61.56 89.55 89.67 89.79 89.90 61.68 61.80 61.92 62.03 nown 23.27 23.40 48.13 39.82