Ann gets a 30 year 1/1 Fully Amortizing ARM for $1,000,000, with monthly payments and monthly compounding. The initial rate is 3%. In the future, the rate will reset to 250 basis points above the LIBOR. There are no rate caps or floors. Suppose at origination the LIBOR was 3%. What is the annualized true APR for the loan? Answer is 5.28. How do I solve this using a financial calculator (if it's needed)?