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You have just purchased a new warehouse. To finance the purchase, youve arranged for a 30-year mortgage loan for 80 percent of the $3,400,000 purchase

You have just purchased a new warehouse. To finance the purchase, youve arranged for a 30-year mortgage loan for 80 percent of the $3,400,000 purchase price. The monthly payment on this loan will be $16,500.

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 de

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