15) A new partnership takes out a loan of $25,000 to finance the initial costs of starting their own business. The original loan with Lender #1 is for four years, carries an annual effective interest rate of 8%, and will be repaid by the amortization method. Lender #1 places no restrictions on early repayment of the loan. During the next year interest rates decline substantially. At the end of the first year, the partnership completely repays the loan to Lender #1 and refinances the loan with Lender #2. Lender #1 is only able to reinvest the proceeds from the early repayment at 6% effective for the following three years. Determine Lender #l's overall level yield rate for the four years arising from their issuing this loan to the partnership