Question: Please explain without using Excel. Thanks! Problem 5-43 EAR versus APR [LO 4] You have just purchased a new warehouse. To finance the purchase, you've

Please explain without using Excel. Thanks! Problem 5-43 EAR versus APR [LO

Please explain without using Excel. Thanks!

Problem 5-43 EAR versus APR [LO 4] You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $3,500,000 purchase price. The monthly payment on this loan will be $15,100. 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.)

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