A start-up company that makes robotic hardware for CIM (computer integrated manufacturing) systems borrowed $1.1 million to expand its packaging and shipping facility. The contract required the company to repay the lender through an innovative mechanism called "faux dividends," a series of uniform annual payments over a fixed period of time. If the company paid $295000 per year for five years, what was the interest rate on the loan?

The interest on the loan was %.