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You have just purchased a new warehouse. To finance the purchase, youve arranged for a 35-year mortgage for 85 percent of the $3,100,000 purchase price.
You have just purchased a new warehouse. To finance the purchase, youve arranged for a 35-year mortgage for 85 percent of the $3,100,000 purchase price. The monthly payment on this loan will be $17,200. |
What is the APR on this loan? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
Annual percentage rate | % |
What is the EAR on this loan? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
Effective annual rate | % |
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