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Problem 4-41 EAR versus APR You have just purchased a new warehouse. To finance the purchase, you've arranged for a 25-year mortgage for 75 percent of the $3,300,000 purchase price. The monthly payment on this loan will be $17,400. 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.) Answer is complete but not entirely correct. a. Annual percentage rate 36.00 @ % b. Effective annual rate 42.58 |%