Which results in a lower total interest charge, borrowing 51.710 to be repaid 12 months later as a single payment loan or borrowing 51.710 to be repaid as a 12-month Installment loan? Assume a simple interest method of calculation at 12 percent interest. Defend your answer. Click on the table icon to view the MILPF table The amount of interest on the single payment loan is 5 (Round to the nearest cant) 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% 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 43.87 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 30.20 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 86.07 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 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