1 1 10 points This question illustrates what is known as discount interest. Imagine you are discussing a loan with a somewhat unscrupulous lender. You want to borrow $29,000 for one year. The Interest rate is 13.4 percent. You and the lender agree that the interest on the loan will be 134 * $29,000 - $3,886. So the lender deducts this interest amount from the loan up front and gives you $25,114. In this case, we say that the discount is $3,886. What is the effective annual rate? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g. 32.16.) Skloped BOOK Effective annual rate % Print References You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage loan for 85 percent of the $2,400,000 purchase price. The monthly payment on this loan will be $16,500. 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.g., 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 b. Effective annual rato %