Question
You have just purchased a new warehouse. To finance the purchase, youve arranged for a 31-year mortgage loan for 85 percent of the $3,310,000 purchase
You have just purchased a new warehouse. To finance the purchase, youve arranged for a 31-year mortgage loan for 85 percent of the $3,310,000 purchase price. The monthly payment on this loan will be $16,400.
What is the APR on this loan?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.
What is the EAR on this loan?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.
A. APR:
B. EAR:
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Personal Finance In Your 20s And 30s For Dummies
Authors: Eric Tyson
2nd Edition
9781119431411, 978-1119431411
