EAR & APR Question – Quick?
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year mortgage loan for 85 percent of the $ 2,475,000 purchase price. The monthly payment on this loan will be $ 14,710. Therefore, the APR on this loan is percent and the EAR is percent.
If you point me to a calculator, please ensure it has PAYMENTS and will calculate it off that… I need to find the interest rate. Or if you can just give me the formula… That’ll work as well.