You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 37-year mortgage loan for 75 percent of the $3,370,000 purchase price. The monthly payment on this loan will be $17,000. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
APR ______%
What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
EAR ________%