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7. value: 10.00 points You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent

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7. value: 10.00 points You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,600,000 purchase price. The monthly payment on this loan will be $11,000. Required: (a) What is the APR on this loan? (Click to select) (b) What is the EAR? (Click to select)

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