You have just purchased a new warehouse to finance the, Finance Basics

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You have just purchased a new warehouse to finance the

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 $2,200,000 purchase price. The monthly payment on this loan will be $12,000.

Required: (a) What is the APR on this loan?

(b) What is the EAR?

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Finance Basics: You have just purchased a new warehouse to finance the

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