Question

You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 25-year...

You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 25-year mortgage loan for 75 percent of the $2,700,000 purchase price. The monthly payment on this loan will be $16,800. a. What is the APR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 35-year...
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 35-year mortgage for 85 percent of the $4,100,000 purchase price. The monthly payment on this loan will be $18,200. what is the apr and ear of this loan?
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year...
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year mortgage for 80 percent of the $3,700,000 purchase price. The monthly payment on this loan will be $17,800. What is the APR on this loan? What is the EAR on this loan?
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year...
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 $3,400,000 purchase price. The monthly payment on this loan will be $17,500. What is the APR on this loan? What is the EAR on this loan?
You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year...
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 $2,800,000 purchase price. The monthly payment on this loan will be $17,000. a. What is the APR on this loan? b. What is the EAR?
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year...
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 $3,000,000 purchase price. The monthly payment on this loan will be $14,000 starting 1 month from today. a) What is the periodic rate on this loan? b) What is the nominal rate of this loan? c) What is the effective rate on this loan? If you use a financial calculator please show the steps. Thank you.
You have just purchased a new warehouse. To finance the purchase, you have arranged for a...
You have just purchased a new warehouse. To finance the purchase, you have arranged for a 30-year mortgage loan for 80% of the $3,400,000 purchase price. The monthly payment on this loan will be $17,500. What is the monthly compounded APR on this loan? What is the EAR? I need a proper solution with formula and not financial calculator.
Bulk Purchases just purchased a new warehouse. To finance the purchase, the firm arranged for a...
Bulk Purchases just purchased a new warehouse. To finance the purchase, the firm arranged for a 25-year mortgage for 80 percent of the $1,800,000 purchase price. The monthly payment is $10,800. What is the APR? The EAR?
3. You have purchased a new warehouse for $4 million. To finance the purchase, you have...
3. You have purchased a new warehouse for $4 million. To finance the purchase, you have arranged for a 30-year mortgage for 75 percent of the purchase price. The monthly payment on the loan will be $30,000 with zero balance after the final payment. a. What is the APR on the loan? b. What is the EAR?
You want to buy a new sports coupe for $75,500, and the finance office at the...
You want to buy a new sports coupe for $75,500, and the finance office at the dealership has quoted you a loan with an APR of 7.9 percent for 72 months to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded...
You want to buy a new pickup for $42,854, and the finance office at the dealership...
You want to buy a new pickup for $42,854, and the finance office at the dealership has quoted you an 8.4% APR loan for 6 years of monthly payments. What is the effective annual rate on this loan? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT