You have just purchased a new warehouse. To finance the purchase, youve arranged for a 34-year mortgage loan for 70 percent of the $3,340,000 purchase price. The monthly payment on this loan will be $16,700.

Requirement 1:

What is the APR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

APR

%

Requirement 2:

What is the EAR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

EAR

%

You have just purchased a new warehouse. To finance the purchase, youve arranged for a 34-year mortgage loan for 70 percent of the $3,340,000 purchase price. The monthly payment on this loan will be $16,700.

Requirement 1:

What is the APR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

APR

%

Requirement 2:

What is the EAR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

EAR

%