Which results in a lower total interest charge, borrowing $$610$ to be repaid $12$ months later as a single$-$payment loan or borrowing $$610$ to be repaid as a $12-$month installment loan? Assume a simple interest method of calculation at $12\mathrm{.}75$ percent interest. Defend your answer.$$

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