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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 $17,500.

What is the APR on this loan?

What is the EAR?

I can't figure out how to solve this problem. I would appreicate some help, thanks.

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