You are given the following data regarding Chinese and American foreign exchange and money market rates: the spot exchange rate is 

$1 = ¥6.24, the 1-year forward exchange rate is $1 = ¥6.32, and the p.a. interest rate in the U.S. is 5%. 

Assuming that there are no transaction costs, how could you synthetically borrow ¥100,000? (List each transaction you would make including the amounts of each currency involved, and assume zero transaction costs. Show your work.) What is the interest rate on your synthetic loan?