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10,000 for a year with annual interest rate of 6% Average Annual Finance Charge Average Loan Balance Outstanding APR First, compute the average annual finance

10,000 for a year with annual interest rate of 6%
Average Annual Finance Charge Average Loan Balance Outstanding APR First, compute the average annual finance charge by dividing the total finance charge of $ by the life of the loan, which is a year (1.0 year)- Next, as a single-payment loan, the average loan balance outstanding is constant at $10,000 Complete the calculation. (Note: Round your answers to the nearest dollar or whole percentage point.) (Note: Round your answers to the nearest dollar) Average Annual Finance Charge Average Loan Balance Outstanding The stated interest rate and APR are because the: O Simple interest method was used to calculate finance charges Term of the loan is fewer than five years Loan is a single-payment loan

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