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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% of the $3,400,000 purchase price.

You have just purchased a new warehouse. To finance the purchase, youve arranged for a 30-year mortgage loan for 80% of the $3,400,000 purchase price. The monthly payment on this loan will be $17,500.

What is the monthly compounded APR on this loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Annual percentage rate %

What is the EAR on this loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Effective annual rate %

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