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August 30, 2014

Homework Help: Finance

Posted by lp on Sunday, November 17, 2013 at 8:08pm.

You have just purchased a new warehouse. To finance the purchase, you have arranged for a 30-year mortgage loan for 80 percent of the $2,800,000 purchase price. The monthly payment on the loan will be $22,000.

a. What is the effective annual rate (EAR) on this loan?

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