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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 3 7 - year mortgage loan for 7 5 percent

You have just purchased a new warehouse. To finance the purchase, you've arranged for
a 37-year mortgage loan for 75 percent of the $3,370,000 purchase price. The monthly
payment on this loan will be $17,000.
a. What is the APR on this loan? (Do not round intermediate calculations and enter
your answer as a percent rounded to 2 decimal places, e.g.,32.16.)
b. What is the EAR on this loan? (Do not round intermediate calculations and enter
your answer as a percent rounded to 2 decimal places, e.g.,32.16.)
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