You have just purchased a new warehouse. To finance the purchase, you've arrranged for a 30-year mortgage loan for 80% of the $2,600,000 purchase...

You have just purchased a new warehouse. To finance the purchase, you've arrranged for a 30-year mortgage loan for 80% of the $2,600,000 purchase price. The monthly payment on this loan will be $11,000. What is the effective annual rate on this loan?