Question
I am not understanding how to calculate the following question... You have just purchased a new warehouse. To finance the purchase, you've arranged for a
I am not understanding how to calculate the following question...
"You have just 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.
What is the APR on this loan?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
What is the EAR on this loan?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
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