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You have just purchased a new warehouse. To finance the purchase, youve arranged for a 30-year mortgage loan for 80 percent of the $2,700,000 purchase

You have just purchased a new warehouse. To finance the purchase, youve arranged for a 30-year mortgage loan for 80 percent of the $2,700,000 purchase price. The monthly payment on this loan will be $14,500. What is the APR on this loan?

a. 7.09%

b. 5.10%

c. 5.01%

d. 4.58%

e. 6.93%

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