Problem 5-43 EAR versus APR [LO 4] You have just purchased a new warehouse. To finance the purchase, you've arranged for a 33-year mortgage loan for 75 percent of the $3,330,000 purchase price. The monthly payment on this loan will be $16,600. a. What is the APR on this loan? Note: 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? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. a. APR b. EAR % % U

You have just purchased a new warehouse. To finance the purchase, you've arranged for a 33-year mortgage loan for 75 percent of the $3,330,000 purchase price. The monthly payment on this loan will be $16,600. a. What is the APR on this loan? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.9., 32.16. b. What is the EAR on this loan? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.9., 32.16