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: F.- Amount of Loan Interest Rate Term of Loan where F, is the finance charge for the loan, and the term of the loan is in You're borrowing $4,000 for two years with a stated annual interest rate of 8%. Complete the following table. (Note: Round your answers to the nearest dollar. Principal $4,000 Finance charge Total Payback 15 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 by the life of the loan, which a two years (2.0 years Ender this value in the following equation. (Note: Round your answers to the nearest dolar ar Next, as a single-payment loan, the average loan balance ountanding is constant at $4,000. Complete the calculation for Ant and a following equation (Note: Round your answers to the nearest dolar or whole percentage pont) APR Average Annual Finance Charge/Average Loan Balance Outstanding /$4,000 The stated interest rate and AP term of the loans fewer than five years Loan isang panta