finance
posted by Anonymous on .
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 25year mortgage for 75 percent of the $3,600,000 purchase price. The monthly payment on this loan will be $17,700.
What is the APR on this loan?

17700( 1  (1+i)^300)/i = 2700000
(1  (1+i)^300 )/i = 152.5423729
nasty.. going to use Wolfram
http://www.wolframalpha.com/input/?i=%281++%281%2Bx%29%5E300+%29%2Fx+%3D+152.5423729
I = .0051528
annual rate compounded monthly = .0618..
or appr 6.18%