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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 35-year mortgage loan for 85 percent of the $2.800.000 purchase price. The monthly payment on this loan will be $16.900. a What is the APR on this loan? (Do not round Intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. e... 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. e.g. 32.16.) Annual percentage rate Efective annual rate 24 % b

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