Abe is offered a loan of $ 29,000 that requires 60 monthly payments of $ 620.74. What is the effective annual interest rate on this loan? (Round intermediate calculations to 5 decimal places, e.g. 5.12534% and final answer to 2 decimal places, e.g. 25.12%.)

What would the quoted rate be? (Round answer to 2 decimal places, e.g. 25.12%. Do not round your intermediate calculations.)