Determining the ear on loan, Accounting Basics

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Determining the ear on loan

Problem:

You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80% of $2,600,000 purchase price. The monthly payment on this loan will be $11,000.

Required:

Question: What is the EAR on this loan?

a. 4.98

b. 5.25

c. 5.46

d. 6.01

e. 6.50

Note: Please show the work not just the answer.

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Accounting Basics: Determining the ear on loan

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Accounting Basics: Determining the ear on loan

Reference No:- TGS0890527

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: Determining the ear on loan

Reference No:- TGS0890527

Recent Questions Asked Accounting Basics

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Q : What are chemical and physical properties of animal viruses

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