What is the apr on the loan

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Question: You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,200,000 purchase price. The monthly payment on this loan will be $12,000.

Required: (a) What is the APR on this loan?

(b) What is the EAR?

Reference no: EM131944819

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