Problem
Ann is looking for a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $4,500,000. Mortgage B has a 6% interest rate and requires Ann to pay zero fees upfront. Assuming Ann makes payments for 30 years, what is Ann's annualized IRR from mortgage B? Write your answer as a percent rounded to two decimal points without the % sign (e.g. if you get 5.6499%, write 5.65)