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You have just purchased a new warehouse

Finance

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You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 33-year mortgage loan for 85% of the $3,230,000 purchase price. The monthly payment on this loan will be $15,600.

1. How much do you borrow from bank to purchase the warehouse?
2. What is the periodic interest rate of the mortgage loan?
3. What is the APR quoted by the bank?
4. What is the EAR of the loan?

Please provide steps and analysis associated with your answers for the questions above.