You have purchased a new warehouse. To finance the purchase, you arranged a 39-year mortgage loan at 85 percent of the $3,390,000 purchase price. The monthly payment for this loan will be $17,200.

What is the APR of this loan? (Do not round up intermediate calculations and enter your answer as a percentage rounded to 2 decimal places, for example 32.16.)

April %

What is the EAR of this loan? (Do not round up intermediate calculations and enter your answer as a percentage rounded to 2 decimal places, for example 32.16.)

EAR %

Answer rating: 100% (QA)

Answer To calculate the APR we can use the following formula APR Monthly payment x 12 Loan amount x ... View the full answer