You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,800,000 purchase price. The monthly payment on this loan will be $17,000. a. What is the APR on this loan

the APR on this loan is 8.68 %.

Explanation:

First determine the nominal rate compounded monthly on this mortgage as follows :

n = 30 × 12 = 360

Pv = $2,800,000 × 80% = $2,240,000

pmt = - $17,000

p/yr = 12

FV = $0

r = ?

Using a Financial Calculator, the nominal rate compounded monthly, r on this mortgage is 8.3588 or 8.36 %.

Then, find the Annual Percentage Rate :

8.36     Shift NOM %

12         Shift P/YR

Shift EFF%   8.68 %

Again using a Financial calculator as above, the APR on this loan will be 8.6879 or 8.68 %

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if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!