According to the TD Bank’s mortgage calculator, principal of $275 000 on a house that is mortgaged at a rate of 3.84% amortized over a period of 25 years will result in total interest charges of $151 773.99. A private lender is offering simple interest for customers who do not want to pay compound interest usually associated with traditional mortgages. If the private lender wishes to earn the same amount of interest over the period of 25 years, what rate will the private lender charge its customers, if the loan is paid in equal annual installments?