You have just purchased a new warehouse. To finance the purchase, you've arranged for a 33-year mortgage loan for 85 per

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You Have Just Purchased A New Warehouse To Finance The Purchase You Ve Arranged For A 33 Year Mortgage Loan For 85 Per 1 (35.94 KiB) Viewed 13 times

You have just purchased a new warehouse. To finance the purchase, you've arranged for a 33-year mortgage loan for 85 percent of the $3,230,000 purchase price. The monthly payment on this loan will be $15,600. Requirement 1: What is the APR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) APR % Requirement 2: What is the EAR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) EAR %