Question: George is looking for a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $4,500,000. He takes a 30 year fixed rate mortgage

George is looking for a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $4,500,000. He takes a 30 year fixed rate mortgage with 8.70% interest rate. Assuming George repays the mortgage after 5 years, what is his annualized IRR on the loan? Write your answer as a percent rounded to two decimal points without the % sign (e.g. if you get 5.6499%, write 5.65).

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