(Determine Interest Rate) As the purchaser of a new house, Patty Loveless has signed a mortgage note to pay the Memphis National Bank and Trust Co. $14,000 every 6 months for 20 years, at the end of which time she will own the house. At the date the mortgage is signed the purchase price was

$198,000, and a down payment of $20,000 was made. The first payment will be made 6 months after the date the mortgage is signed.

Instructions Using a financial calculator, compute the exact rate of interest earned on the mortgage by the bank.