Abe is offered a loan of $29,000 that requires 60 monthly payments of $608.77. What is the effective annual interest rate on this loan? (Round intermedlate calculations to 5 decimol ploces, eg. 5.12534% and final answer to 2 decimal ploces, eg. 25.12\%.) Annual interest rate What would the quoted rate be? (Round answer to 2 decimal places, es. 25.12\%. Do not round your intermediate calculations.)