A major property developer is concerned about lack of sales due to local economic conditions. To ensure that his condos are occupied, he offers a lease-to-purchase program in which, if people sign a lease by the end of March, they will not have to start making payments until March of the following year. The purchase price of the condo is $191,000. Payments of $1065.67 will be required at the beginning of each month over a 25-year amortization period. If interest is7.34 % compounded semi-annually during the first year, what is the semi-annually compounded interest rate during the payment period?

ANSWER: The interest rate during the payment period is compounded 3.90% semi-annually. (Round the final answer to two decimal places. Round all intermediate values to six decimal places as needed.)

NOTE*: i would like to know how to get to that answer through a financial calculator in BGN MODE. If it is not possible to calculate through financial calculator then formulas are okay too! (Simple annuity)