In the equation, Fa is the finance charge for the loan. What are the other values? P is the ris the stated amount of the loan. rate of interest t is the term of the loan in 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) Prinopal $6,000 xiety Finance charges $960 Loan disbursement Total payback $5,040 $5,040 You also want to calculate the APR (annual percentage rate) and compare it to the stated interest rate. Average Anal Pune Charge APR- First, compute the average annual finance charge by dividing the total finance charge of s years (2.0 years)- (Note: Round your answers to the nearest dollar) by the life of the loan, which is two Next, as a single-payment loan, the average loan balance outstanding is constant at the in this case, Anxiety Complete the calculation (Note: Round your answers to the nearest dollar and your percentage point to the nearest two deomal places.) APR Average Annual Finance Charge / Average Loan Balance Outstanding % The APR is higher than the stated interest rate because the Discount method was used to calculate finance charges O Formula to compute finance charges is the same for the discount and simple interest methods O Term of the loan is more than six months O Loan is a single-payment loan