A broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $219,000 in years 1 and 2 plus a lump sum amount...

A broadband service company borrowed $2 million for new equipment and repaid the loan in amounts of $219,000 in years 1 and 2 plus a lump sum amount of $2.3 million at the end of year 3. What was the interest rate on the loan?

The rate of interest on the loan was

What formula is used to solve this?