Question
You have just purchased a new warehouse. To finance the purchase, youve arranged for a 35-year mortgage for 85 percent of the $3,600,000 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 $3,600,000 purchase price. The monthly payment on this loan will be $26,600. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) What is the APR on this loan? Annual percentage rate % What is the EAR on this loan? Effective annual rate %
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Practical Financial Management
Authors: William R. Lasher
7th edition
ISBN: 128560721X, 9781133593669, 1133593682, 9781285607214, 978-1133593683
