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You have just purchased a new warehouse. To finance the purchase, you ve arranged for a 3 4 - year mortgage loan for 8 0

You have just purchased a new warehouse. To finance the purchase, you

ve arranged for a

34 -

year mortgage loan for

80

percent of the $

3, 240, 000

purchase price. The monthly payment on this loan will be $

15, 700 .

What is the APR? What is the EAR?

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