You just purchased a condo for $1,800,000 and paid 20% down payment. The remaining amount is financed through a loan with maturity of 20 years and monthly payments of $10,800 payable at the end of each month.

Calculate the APR

Calculate the Effective Annual Rate (EAR)

Group of answer choices

7.72 percent; 8.03 percent

7.67 percent; 7.94 percent

8.23 percent; 8.55 percent

7.67 percent; 8.03 percent

7.72 percent; 7.94 percent