11

You have just purchased a new warehouse. To finance the purchase, you've arranged for a 35 -year mortgage loan for 75 percent of the $3,250,000 purchase price. The monthly payment on this loan will be $15,800. Requirement 1: What is the APR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) APR Requirement 2: What is the EAR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)