You have just purchased a new warehouse. To finance the purchase, you've arranged for a...
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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 35 -year mortgage loan for 85 percent of the $2,500,000 purchase price. The monthly payment on this loan will be $16,600. a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
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