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You have just purchased a new warehouse. To finance the purchase, you've arranged for a 3 0 - year mortgage loan for 7 0 percent

You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 70 percent of the sa.300.000 purchase price. The monthly payment on this loan will be $16,300. Hint: Please remember the Excel formula (note: I prefer to use the BA iI Plus as it is faster) from slide 9 of chapter 4 which is =RATE(per,-pmt-pufv, 1); however, for this question we must adjust this formuis. You know that your psyments are cash outflows (negative), but you have to determine whether that Ian is a cash inflow (postive) or outflow (negstive) and whether it is a FV or PV. Also, you need to adjust this formule for whethe the payment is at she beginning (1) or and (O) of the period.a. What & the APR on this loan?Note: Do not round intermediste calculistions and enter your answer as a percent rounded to 2 decimal places, e.g..3215.B. What is the EAR on this loan?Note: Do not round intermediste calculstions and enter your answer as a percent rounded to 2 decimal places, e.g.3215

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