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

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Finance

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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage loan for 75 percent of the $3,000,000 purchase price. The monthly payment on this loan will be $17,100. a. What is the APR on thIs loan? (Do not round Intermedlate calculations. Enter your answer as a percent rounded to 2 declmal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round Intermedlate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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