You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80% of the $3,400,000 purchase price. The monthly payment on this loan will be $17,500. What is the monthly compounded APR on this loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual percentage rate 6.67% What is the EAR on this loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual rate 6.88%