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You have just purchased a new warehouse. To finance the purchase, youve arranged for a 35-year mortgage loan for 85 percent of the $2,500,000 purchase
You have just purchased a new warehouse. To finance the purchase, youve arranged for a 35-year mortgage loan for 85 percent of the $2,500,000 purchase price. The monthly payment on this loan will be $16,600. what is effective annual rate?
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