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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

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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 (EAR) on this loan

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