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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 35-year mortgage for 85 percent of the $3,900,000 purchase price.

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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 35-year mortgage for 85 percent of the $3,900,000 purchase price. The monthly payment on this loan will be $26,900. (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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