You've been offered an installment loan for $225,000 that will be repaid in 7 equal monthly instalments. The loan is a 9% add-on loan, which means you must pay 9% on the original loan advance (not just the remaining balance). Your total payments will add up to $236,812.50, made up of $225,000 principal plus $11,812.50 of interest (= 7/12 of 9% of $225,000), so your monthly payment will be $33,830.36 (= $236,812.50/7). 

What APY would you be paying on this loan?