The solution is 11.6125% (choice c) but I can't seem to find out how to get to that solution. Please do not use excel to work the

7. You purchased a home on January 1, 1985 with a $100,000 mortgage requiring 30 equal annual pay ments at 10% interest with the rst payment due on January 1, 1986. The bank sold your mortgage to an investor on January 1, 1992, immediately after receiving your 7th payment. The yield to the investor is 8%. Determine the bank's overall return on its investment. (A) Less than 11.0% (B) At least 11.0%, but less than 11.5% '(C)\ At least 11.5%, but less than 12.0% (D) At least 12.0%, but less than 12.5% (E) At least 12.5%