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.
I GUESS
85*2 475 000/100=2 103 750 the whole amount of loan that you have got
14 710*12*30=5295600 total money you will pay
5295600- 2103750=3191850 the extra money that you want to pay
3191850/30=106395 extra money that you may each year
2 103 750*100/ 5295600 =39.7% Annual percent rate
http://en.wikipedia.org/wiki/Annual_percentage_rate
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