What is the APR on this loan and What is the EAR

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Reference no: EM13728389

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 $2,300,000 purchase price. The monthly payment on this loan will be $15,000.

a) What is the APR on this loan?

b) What is the EAR?

Reference no: EM13728389

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