There is a town house you are keeping an eye on located on 104th street in Manhattan.
We know that it will be priced at 7 million dolloars 20 years from now.
An employee at Baruch Bank offers you a financing option if you install a down payment of 1 million dolloars today.
Afterwards, you will need to pay 0.1 million dollars at the end each year for 20 years.
This deal has an interest rate of _______ %.
Round up your answers to the 2nd decimal place.
