You're borrowing $4,000 for two years with a stated annual interest rate of 47. Complete the following table. (Note: Round your answers to the nearest dollar.) Principal Finance charge $4,000 $1,600 Total Payback $6,000 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 by the life of the loan, which is two years (2.0 years). Enter this value in the following equation. (Note: Round your answers to the nearest dollar.) Next, as a single-payment loan, the average loan balance outstanding is constant at $4,000. Complete the calculation for APR and enter it in the following equation (Note: Round your answers to the nearest dollar or whole percentage point.) APR Average Annual Finance Charge / Average Loan Balance Outstanding $ / 54,000 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 by the life of the loan, which is two years (2.0 years). Enter this value in the following equation. (Note: Round your answers to the nearest dollar.) Next, as a single-payment loan, the average loan balance outstanding is constant at $4,000. Complete the calculation for APR and enter it in the following equation. (Note: Round your answers to the nearest dollar or whole percentage point.) APR Average Annual Finance Charge / Average Loan Balance Outstanding / $4,000 % The stated interest rate and APR are because the Simple interest method was used to calculate finance charges Term of the loan is fewer than five years Loan is a single-payment loan