Homework Answers
Loan Amount = 2,500,000(0.80) = $2,000,000
Calculating APR on Loan,
Using TVM Calculation,
I = [PV = 2,000,000, PMT = -10,400, FV = 0, N = 360]
I = 4.72%
EAR = (1 + 0.0472/12)12 - 1
EAR = 4.82%
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