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 your payment will be when the loan comes due. The equation to calculate the finance charge is: Fy=Px=r in the equation, Ff is the finance charge for the loan. What are the other values? p is the amount of the loan. r is the stated rate of interest. t is the term of the loan in You're borrowing $10,000 for two years with a stated annual interest rate of 8%. Complete the following table. (Note: Round your answers to the nearest dollar.) Annual Percentage Rate (APR) You also want to calculate the APR (annual percentage rate) and compare it to the stated interest rate. First, compute the average annual finance charge by dividing the total finance charge of by the life of the loan, which is two years (2.0 years)= (Note: Round your answers to the nearest dollar). 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.) APR = Average Annual Finance Charge/ Average Loan Balance Outstanding The stated interest rate and APR are because the: Simple interest method was used to calculate finance charges Loan is a single-payment loan Jerm of the loan is fewer than five years