# Finance

You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 38-year mortgage loan for 70 percent of the \$3,380,000 purchase price. The monthly payment on this loan will be \$17,100.

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 %

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