Youre prepared to make monthly payments of $270, beginning at the end of this month, into an account that pays 9.2 percent interest compounded monthly.

How many payments will you have made when your account balance reaches $27,000? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

2.

You have just purchased a new warehouse. To finance the purchase, youve arranged for a 35-year mortgage for 85 percent of the $3,600,000 purchase price. The monthly payment on this loan will be $26,600. (Do not round intermediate calculations. Round the final answers to 2 decimal places.)

What is the APR on this loan?

Annual percentage rate %

What is the EAR on this loan?

Effective annual rate %

Number of payments