Question: George is looking for a fully amortizing 30-year Fixed Rate Mortgage with monthly payments of $4,500,000. He takes a 30-year fixed rate mortgage with 6.80%

George is looking for a fully amortizing 30-year Fixed Rate Mortgage with monthly payments of $4,500,000. He takes a 30-year fixed rate mortgage with 6.80% interest rate. Assuming George repays the mortgage after 5 years, what is his annualized IRR on the loan? Write your answer as a percentage rounded to two decimal places.

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