You want to buy an apartment building, costing $2million. Therefore you obtain a 30-year FA-FRM with 80% LTV. This mortgage has an annual rate equal to 4% and you will need to make annual payments. The mortgage also has a 2% prepayment penalty if you prepay in the first 5 years. Assume that you make the required payment for the first year and then you prepays immediately after that. What will be your IRR on this mortgage?

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