_{Hello, please bold the answers.}

You have purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage for 75 percent of the $3,000,000 purchase price. The monthly payment on this loan will be $17,100. a. What is the APR on this loan? (Do not round intermediate calculations and 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 and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. 7.28% Annual percentage rate Effective annual rate b. 8.13 %