You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 38-year mortgage loan for 70 percent of the $3,380,000 purchase price. The monthly payment on this loan will be $17,100.

Question

You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 38-year mortgage loan for 70 percent of the $3,380,000 purchase price. The monthly payment on this loan will be $17,100.
 
What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
 
APR             %
 
What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
 
EAR             %