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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage for the $1,440,000 purchase price. The monthly payment

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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage for the $1,440,000 purchase price. The monthly payment on this loan will be $10,600. What is the EAR? a. 7.72% N b. 7.67% c. 7.46% d. 7.94% e. 0.62%

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