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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 3 0 - year mortgage loan for 8 0 percent

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 .

What is the effective annual rate on this loan? not using financial caculator

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