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6. Calculating simple interest and APR on a single-payment loan You are taking out a single-payment loan that uses the simple interest method to compute the finance charge. You need to figure out what ye payment will be when the loan comes due. The equation to calculate the finance charge is: F. =P In the equation, F, is the finance charge for the loan. What are the other values? Pis the principal amount of the loan r is the stated annual rate of interest. t is the term of the loan in years w You're borrowing $6,000 for two years with a stated annual interest rate of 8%. Complete the following table. (Note: Round your answers to the nearest dollar.) $6,000 Principal Finance charge Total Payback $ Annual Percentage Rate (APR) You also want to calculate the APR (annual percentage rate) and compare it to the stated interest rate. APR Anna Charge Aurel Balance Outstanding Complete the following table. (Note: Round your answers to the nearest dollar.) $6,000 Principal Finance charge Total Payback s $ Annual Percentage Rate (APR) You also want to calculate the APR (annual percentage rate) and compare it to the stated interest rate APR Aurage Anal Pinance Charge Arge Loan Dalane Ouatanding by the life of the loan, which is two years (2.0 First, compute the average annual finance charge by dividing the total finance charge of S years) - S (Note: Round your answers to the nearest dollar), Next, as a single-payment loan, the average loan balance outstanding is constant at $6,000 Complete the calculation (Note: Round your answers to the nearest dollar or whole pe centage point.) APR Average Annual Finance Charge / Average Loan Balance Outstanding VS The stated interest rate and APR are because the: Simple Interest method was used to calculate finance charges Term of the loan is fewer than five years O Loan is a single-payment loan