What is the annual percentage rate

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Reference no: EM131190277

You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year mortgage for 80 percent of the $2,900,000 purchase price. The monthly payment on this loan will be $17,000.

What is the annual percentage rate?

What is the EAR on this loan?

Reference no: EM131190277

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