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 = P P is the In the equation, F, is the finance charge for the loan. What are the other values? r is the stated r t It is the term of the loan in Principal Finance charge Total Payback amount of the loan. You're borrowing $10,000 for two years with a stated annual interest rate of 8%. Complete the following table. (Note: Round your answers to the nearest dollar.) $ $ APR = rate of interest. $10,000 Annual Percentage Rate (APR) You also want to calculate the APR (annual percentage rate) and compare it to the stated interest rate. Average Annual Finance Charge Average Loan Balance Outstanding First, compute the average annual finance charge by dividing the total finance charge of $ = $ (Note: Round your answers to the nearest dollar). years) Next, as a single-payment loan, the average loan balance outstanding is constant at $10,000. Complete the calculation. (Note: Round your answers to the nearest dollar or whole percentage point.) by the life of the loan, which is two years (2.0

payment will be when the loan comes due. The equation to calculate the finance charge is: Fl=pr In the equation, Fs is the finance charge for the loan. What are the other values? P is the amount of the loan. r is the stated rate of interest. t is the term of the ioan in You're borrowing $10,000 for two years with a stated annual interest rate of 8%. Complete the following table. (Note: Round your answers to the nearest doliar.) 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 of by the life of the loan, which is two years (2.0 years) = (Note: Round your answers to the nearest dollar). Next, as a single-parment loan, the average loan balance outstanding is constant at $10,000. Complete the calculation. (Note: Round your answers to the nearest dollar or whole percentage point.)