Which results in a lower total interest charge, borrowing $$1,280$ to be repaid $12$ months later as a single$-$payment loan or borrowing $$1,280$ to be repaid as a $12-$month installment loan? Assume a simple interest method of calculation at $13\mathrm{.}00.$ percent interest. Defend your answer.

Note: Round intermediate computations to at least five $(5)$ decimal places.

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 $$166\mathrm{.}4.($Round to the nearest cent.$)$

The amount of interest on the $12-$month installment loan is $$.($Round to the nearest cent.$)$