You have just purchased a new warehouse. To finance the purchase, you've arranged for a $32-$year mortgage loan for $80$ percent of

the $$3,320,000$ purchase price. The monthly payment on this loan will be $$16,500.$ Hint: Please remember the Excel formula which

is $=$RATE$($nper$,-$pmt$,-$pv$,$fv$,1)$; however, for this question we must adjust this formula. You know that your payments are cash

outflows $($negative$),$ but you have to determine whether that loan is a cash inflow $($positive$)$ or outflow $($negative$)$ and whether it is

a FV or PV$.$ Also, you need to adjust this formula for whether the payment is at the beginning $(1)$ or end $(0)$ of the period.

a$.$ What is the APR on this loan?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ What is the EAR on this loan?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$