5. You have just purchased a new warehouse. To finance the p
5. You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 37-year mortgage loan for 85 percent of the $3,270,000 purchase price. The monthly payment on this loan will be $16,000.
(a) What is the APR on this loan?
(b) What is the EAR on this loan?
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