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.) Principal Finance charges Loan disbursement Total payback $10,000 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 First, compute the average annual finance charge by dividing the total finance charge of $ (2.0 years) = $ (Note: Round your answers to the nearest dollar.) Next, as a single-payment loan, the average loan balance outstanding is constant at the principal by the life of the loan, which is two years in this case, Complete the calculation. (Note: Round your answers to the nearest dollar and your percentage point to the nearest two decimal places.) APR = Average Annual Finance Charge / Average Loan Balance Outstanding = $ / $ The APR is % the stated interest rate because the Term of the loan is more than six months Formula to compute finance charges is the same for the discount and simple interest methods Discount method was used to calculate finance charges Loan is a single-payment loan