Suppose you buy a house for $$325,000$ and the seller has an outstanding mortgage on which

he wants to do a wraparound loan. The existing monthly payment mortgage to be wrapped has

$25$ years left on the life, a contract rate of $5\mathrm{.}75\%,$ and a current outstanding balance of $$250,000.$

After you make a down payment of $$25,000$ the seller will give you a wrap loan for $$300,000$ at

$7\mathrm{.}25\%$ for $25$ years, monthly payments. What is the effective equity yield to the wrap lender?

Assume the loans are held to maturity. Please solve using financial calculator keystrokes, i$.$e$.$ N$,$ PV$,$ I, FV$.$