You are taking out a single-paryment lon that uses the discount method to compute the finance charges. Computing the finance charges is done the way they're computed using the simple interest method. Under the discount method, a borrower receives the princips! the finance charges. For example, if the principal is $8,000 and the finance charges are $720, the borrower will receive $ The following equation eomputes the finance charges on your loan: Fd=Fx= Amount of Loan Interest Rate Term of Loan where Fd is the finance charge for the loan, and the term of the loan is in You're borrowing $6,000 for a year and a half with a stated annusl interest rate of 6%. Complete the following table. (Note: Round your answers bo the nearest dollar.) Annual Percentge Rate (APR) You aloo want to caleulate the APR (annul percentage rate) and compare it to the stated interest rate. First, compute the average annual finance charge by dividing the botal finance charge by the life of the loan, which is a year and a half ( 1.5 years). En this value in the following equabion. (Note: Round your answers bo the nearest dollar.) Next, as a single-payment loan, the average loan balance outstanding is constant at the Enter the value for the average loan balance outstanding in the following equabion. Finslly, complete the caleulabion for APR and enter it in the followin equation. (Note: Round your answers bo the nearest dollar and your percentage point bo the nearest two decinal places.) APR===AverageAnnulFinanceCharge/AverageLosnBalanceOutstanding/% The APR is the stated interest rate becsuse the Loan is a single-payment loan Discount method was used to caleulate finance charges Formula to compute finance charges is the same for the diseount and simple interest methods Term of the loan is more than six months