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You have just purchased a new warehouse. To finance the purchase you've arranged for a...

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Accounting

You have just purchased a new warehouse. To finance the purchase you've arranged for a 30 year mortgage loan for 80 percent of the $2,200,000 purchased price. The monthly payment on this loan will be $12,000. (a) what is the (APR) on this loan? (B) what is the (EAR)?

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