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. Ept in the equation, Fs is the finance charge for the loan. What are the other values? amount of the loan. is the stated rate of interest. t is the term of the loan in You're borrowing $8,000 for two years with a stated annual interest rate of 10%. Complete the following table. Note: Round your answers to the nearest dollar.) Principal $8,000 ance charge Total Annual Percentage Rate (APR) You want culate the APR B e rcentage nata indikompareditta the stated interest rate age Loan Balance Outstanding You're borrowing $8,000 for two years with a stated annual interest rate of 10%. Complete the following table. (Note: Round your answers to the nearest dollar.) $8,000 Principal Finance charge Total Payback Annual Percentage Rate (APR) You also want to calculate the APR (annual percentage rate) and compare it to the stated interest rate. APR Average Annual Finance Charge Average Loan Balance Outstanding o el finance charge or 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). a boy the le or nea Next, as a single-payment loan, the average loan balance outstanding is constant at $8,000. 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 O Loan is a single-payment loan Simple interest method was used to calculate finance charges O Term of the loan is fewer than five years