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Schoene Lighting Comp. is borrowing $2M. The loan will be repaid in equal quarterly installments for...

Schoene Lighting Comp. is borrowing $2M. The loan will be repaid in equal quarterly installments for the next three years. The interest rate is 9% APR. Schoene incurs $10,000 of loan setup costs at time zero, and it must also make an insurance payment of 1.5% of the remaining loan balance at the first of each of the three years. What are the APR and the APY of the loan - I can get the IRR, but not sure how to get an APR of .1126717 or APY of .1175224 - solutions given, not explained.

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