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

Explanation:

Monthly payments from mortgages are calculated with the compounding montly interest rate.

Thus, you can "calculate" the monthly rate and the multiply by 12 to obtain the APR (annual percentage rate).

The equation for the monthly payment is:

Substitute:

You must find r but it is very difficult to make it the subject of the equation; thus, the best is to do succesive calculations:

Tests:

          r                     monthyly payment

Multiply the rate by 12 (to obtain the APR): 0.00639059 × 12 = 0.07668708 = 7.67%.

employers prefer to hire ingenious, resourceful people because ingenious people may be more liable to engage in unethical deportment as they can cerebrate outside of the box

answer; the landlord can sue the renter,and the renter loses the security deposit;