Which results in a lower total interest charge, borrowing $980 to be repaid 12 months later as a single-payment loan or borrowing $980 to be repaid as a 12 -month installment loan? Assume a simple interest method of calculation at 1200 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 Instaliment Loan Payment Factor (MILPF) table. 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 instaltment loan result in lower interest charges? (Select the best choice below) A. Interest costs are lower when you have the use of the entire $980 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. B. Interest costs are higher when you have the use of the entire $980 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. Which results in a lower total interest charge, borrowing $980 to be repaid 12 months later as a single-payment loan or borrowing $980 to be repaid as a 12 -month installment loan? Assume a simple interest method of calculation at 1200 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 Instaliment Loan Payment Factor (MILPF) table. 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 instaltment loan result in lower interest charges? (Select the best choice below) A. Interest costs are lower when you have the use of the entire $980 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. B. Interest costs are higher when you have the use of the entire $980 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