Question
You have just purchased a new warehouse. To finance the purchase, youve arranged for a 37-year mortgage loan for 85 percent of the $3,270,000 purchase
You have just purchased a new warehouse. To finance the purchase, youve arranged for a 37-year mortgage loan for 85 percent of the $3,270,000 purchase price. The monthly payment on this loan will be $16,000.
What is the APR on this loan?
What is the EAR on this loan?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
8th Edition
007322359X, 9780073223599
