Most of the answers I have found on Chegg are incorrect in some way or not explained very well $($or even at all$)$ for this problem. Please help me to understand this problem and make sure to explain in detail. Giving me an answer without explaining it is useless to me$.$ So$,$ I will give a thumbs down for answers that are incorrect and$/$or not explained in detail.

During recessionary periods, bonds that were issued many years ago have a higher coupon rate than currently issued bonds. Therefore, they may sell at a premium, a price higher than their face value, because of currently low coupon rates. A $$50,000$ bond that was issued $15$ years ago is for sale for $$60,000.$ What rate of return per year will a purchaser make if the bond coupon rate is $20\%$ per year payable monthly, and the bond is due $5$ years from now?