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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,400,000 purchase

You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,400,000 purchase price. The monthly payment on this loan will be $13,000.

a. What is the APR on this loan?

b. What is the EAR?

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