You're borrowing $6,000 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 charge $6,000 $ Total Payback $ 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 APR = Average Loan Balance Outstanding = First, compute the average annual finance charge by dividing the total finance charge of $ years) (Note: Round your answers to the nearest dollar). by the life of the loan, which is two years (2.0 Next, as a single-payment loan, the average loan balance outstanding is constant at $6,000. 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 Term of the loan is fewer th different s O Loan is a single-payment lo equal because the: Simple interest method was used to calculate finance charges