You have just purchased a new warehouse.To finance the purchase,you've arranged for a 25-year mortgage for 80 percent of the $1,800,000 purchase price.The monthly payment on this loan will be $10,800.What is the APR? The EAR?
A) 7.67 percent; 7.94 percent
B) 7.67 percent; 8.03 percent
C) 7.72 percent; 7.94 percent
D) 7.72 percent; 8.03 percent
E) 7.75 percent; 8.03 percent
Correct Answer:
Verified
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