A mortgage loan having a face value of $63,000 is arranged by a mortgage broker. From this face value, the broker deducted her fee of $3000. The mortgage is written at a contract rate of 8% compounded semiannually for a five-year term. Monthly payments are calculated on a 25-year amortization. What is the annual cost of borrowing, including the brokerage fee, expressed as an effective interest rate?