Question
You have just purchased a new warehouse. To finance the purchase, youve arranged for a 25-year mortgage for 75 percent of the $4,400,000 purchase price.
You have just purchased a new warehouse. To finance the purchase, youve arranged for a 25-year mortgage for 75 percent of the $4,400,000 purchase price. The monthly payment on this loan will be $27,400. (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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Enterprise Information Systems A Pattern Based Approach
Authors: Cheryl Dunn, J. Owen Cherrington, Anita Hollander
3rd Edition
0072404299, 978-0072404296
