You have just purchased warehouse

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Reference no: EM131883127

1. You have just purchased a warehouse. To finance the purchase, you have arranged for a 30-year mortgage loan for 80 percent of $2,500,000 purchase price. The monthly payment on the loan will be $13,400. What is the APR on this loan? The EAR?

2. You borrow $10,000 from your bank that charges you 1.5 % per year compounded monthly for the first six months, increasing thereafter to 18% compounded monthly. How much interest you owe at the end of the first year?

Reference no: EM131883127

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