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You have just purchased a new warehouse. To finance the purchase, youve arranged for a 35-year mortgage for 85 percent of the $2,500,000 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 $2,500,000 purchase price. The monthly payment on this loan will be $16,600.

What is the APR on this loan?

What is the EAR on this loan?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

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