You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 31-year

| September 28, 2018

You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 31-year mortgage loan for 85 percent of the $3,310,000 purchase price. The monthly payment on this loan will be $16,400.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).)Requirement 2:What is the EAR on this loan?

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