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You have just purchased a new warehouse. To finance the purchase, youve arranged for a 32-year mortgage loan for 80 percent of the $3,320,000 purchase

You have just purchased a new warehouse. To finance the purchase, youve arranged for a 32-year mortgage loan for 80 percent of the $3,320,000 purchase price. The monthly payment on this loan will be $16,500. Requirement 1: What is the APR on this loan? Requirement 2: What is the EAR on this loan?

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