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You have purchased a new warehouse. To finance the purchase, you've arranged for a 0-year mortgage for 80 percent of the $3,200,000 purchase price. The
You have purchased a new warehouse. To finance the purchase, you've arranged for a 0-year mortgage for 80 percent of the $3,200,000 purchase price. The monthly 3 payment on this loan will be $17,300 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 decimal places, e.g., 32.16.) a. Annual percentage rate b. Effective annual rate
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