Business, 19.03.2020 20:20 trying2passs
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
Answers: 2
![Monthly\text{ }Payment=Loan\times \bigg[\dfrac{r(1+r)^t}{(1+r)^t-1}\bigg]](/tpl/images/0554/4449/f308d.png)
![\$10,800=\$1,440,000\times \bigg[\dfrac{r(1+r)^{300}}{(1+r)^{300}-1}\bigg]](/tpl/images/0554/4449/fae42.png)
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