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You have purchased a new warehouse. To finance the purchase, youve arranged for a 35-year mortgage for 85 percent of the $4,400,000 purchase price. The

You have purchased a new warehouse. To finance the purchase, youve arranged for a 35-year mortgage for 85 percent of the $4,400,000 purchase price. The monthly payment on this loan will be $18,500. What is the APR on this loan? What is the EAR on this loan?

Please post STEP BY STEP with FORMULA for APR and EAR.

Do not post Excel.

Thank you. I will upvote.

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