A local used car dealer calculates its "4% financing as follows. If $3,600 is borrowed to be repaid over a 3-year period, the interest charge is ($3,600)(0.04)(3 years) = $432. The $432 of interest is deducted from the $3,600 loan and the customer has $3,168 toward the cost of a car. The customer must repay the loan with 1/36 of $3,600, or $100, monthly payments for 36 months. What is the effective annual interest rate that is being charged here