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3. You have purchased a new warehouse for $4 million. To finance the purchase, you have arranged for a 30-year mortgage for 75 percent of

3. You have purchased a new warehouse for $4 million. To finance the purchase, you have arranged for a 30-year mortgage for 75 percent of the purchase price. The monthly payment on the loan will be $30,000 with zero balance after the final payment.

a. What is the APR on the loan?

b. What is the EAR?

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