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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage loan for 75 percent of the $4,200,000 purchase

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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage loan for 75 percent of the $4,200,000 purchase price. The monthly payment on this loan will be $18,300. What is the APR on this loan? 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.) Effective annual rate %

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