Problem
A company for sole provider of the internet in New York area. The company is planning to switch to fiberoptics to provide a faster uploading and downloading service to its customers. The company is planning to borrow $5 million from Credit Union of New York for new equipment and repaid the loan in amounts of $600,000 in years 1, 2, and 3 and a lumpsum amount of $3.6 million at the end of year 4. What was the interest rate on the loan?