A homeowner obtained a fully amortising constant payment loan 4 years ago for $890,000 at an annual interest rate of 5.05% for a 30-year term and monthly payments. Since then, interest rates fell and a new loan can be secured at an annual rate of 4.39% for a term of 26 years. Suppose there is a 2.00% break fee on the existing loan. The break fee will be be capitalised into the new loan (i.e. the new loan amount equals the loan amount required for refinancing and the break fee). What is the effective cost of refinancing, if the new loan is repaid after 5 years? Enter your answer rounded to two decimal places without the % sign (e.g. 2.22% is 2.22)