APR = m | (1 + EAR) -1 APR EAR = | 1 + 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 $12,200. What is the effective annual rate on this loan? A. 5.95 percent B. 6.25 percent C. 6.46 percent D. 7.01 percent 10. E. 7.50 percent