Question: You're borrowing $4,000 for two years with a stated annual interest rate of 8%. Complete the following table. (Note: Round your answers to the nearest

You're borrowing $4,000 for two years with a stated annual interest rate of 8%. Complete the following table. (Note: Round your answers to the nearest dollar.) 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-payment loan, the average loan balance outstanding is constant at $4,000. Complete the calculation. (Note: Round your answers to the nearest dollar or whole percentage point.) The stated interest rate and APR are because the: Simple interest method was used to calculate finance charges Loan is a single-payment loan Term of the loan is fewer than five years

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