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 $2,600,000 purchase price.The monthly payment on this loan will be $12,200.What is the effective annual rate on this loan?
A) 5.95 percent
B) 6.25 percent
C) 6.46 percent
D) 7.01 percent
E) 7.50 percent
Correct Answer:
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