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? The EAR?
A. 7.67 percent; 7.94 percent
B. 7.67 percent; 8.03 percent
C. 7.72 percent; 7.94 percent
D. 7.72 percent; 8.03 percent
E. 7.75 percent; 8.03 percent