Q3. A broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $211,000 in years 1 and 2 plus a lump sum amount of $1.95 million at the end of year 3. What was...

Q3. A broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $211,000 in years 1 and 2 plus a lump sum amount of $1.95 million at the end of year 3. What was the interest rate on the loan?

The rate of interest on the loan was %.