Question
You have just purchased a new warehouse. To finance the purchase, you've 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, you've 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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Investments
Authors: Zvi Bodie, Alex Kane, Alan J. Marcus
10th edition
77861671, 978-0077861674
