Question: You borrowed $ 4 0 0 , 0 0 0 from a bank 7 years ago at an unknown interest rate. You only know that

You borrowed $400,000 from a bank 7 years ago at an unknown interest rate. You only know that interest is compounded monthly; and your monthly repayment is $7,000 with a payment holiday in May of each year. Assuming there is no handling fee or any other charges, find the APR of the loan.

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