You have just purchased a new warehouse. To finance the purchase, you've arranged for a $38-$year mortgage loan for $80$ percent of the $$3,280,000$ purchase price. The monthly payment on this loan will be $$16,100.$

Requirement $1$:

What is the APR on this loan? $($Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places $($e$.$g$.,32\mathrm{.}16).)$

APR

$\%$

Requirement $2$:

What is the EAR on this loan? $($Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places $($e$.$g$.,32\mathrm{.}16).)$

EAR

$\%$