Question: You have just purchased a new warehouse. To finance the purchase, you've arranged for a 35-year mortgage loan for 85 percent of the $3,100,000 purchase price. The monthly payment on this loan will be $17,200. What is the APR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual percentage rate 7.2 % What is the EAR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective annual rate %