A lender offers you a mortgage with an APR of $3\mathrm{.}00\%$ with monthly compounding. What is the effective rate of interest charged by the lender?

Answer format: Percentage Round to: $2$ decimal places $($Example: $9\mathrm{.}24\%,$ sign required. Will accept decimal format rounded to $4$ decimal places $($ex: $0\mathrm{.}0924))$