Please show all work.

You take out a 20 year mortgage of $85,000 to purchase a large vacation home in Kansas (heck, it's Kansas - you expected it to be expensive?). Your annual payment to the bank is $7,000 but you forgot what the interest rate was. Use your financial knowledge to figure out (approximately) what the interest rate you received should be. - Hint: yes, you are solving for something on the right side of the equation. Also that $85,000-you will be handed that money TODAY. DO E 5. o