Calculating the APR on simple interest and discount loans Find the finance charges on a 5.8 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Assume that the loan amount requested is $1,000. Round your answer to the nearest cent. $ Determine the APR in this case. Round your answer to two decimal places. % Find the finance charges on the same loan when interest is computed using the discount method. Round your answer to the nearest cent. $ Determine the APR in this case. Round your answer to two decimal places. %