You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage
Question:
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 $2,800,000 purchase price. The monthly payment on this loan will be $17,000
Required:
(a) What is the APR on this loan?
(b) What is the EAR?
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A Amount of loan 2800000 80 2240000 PV ...View the full answer
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Related Book For
Essentials Of Corporate Finance
ISBN: 9780073405131
6th Edition
Authors: Stephen A. Ross, Randolph Westerfield, Bradford D. Jordan
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