You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 34-year mortgage loan for 80 percent of the $3,240,000 purchase price. The monthly payment on this loan will be $15,700. What is the APR?
To calculate the APR, you fortunately have all the information you need. The APR is the annual percentage rate, and it is the interest with which the monthly payments are calculated. The first thing you need to do is understand the amount of the loan,...
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