Assume a fixed rate, fully amortizing, mortgage loan is made in the amount of $60,000 with a 5.00% nominal interest rate. The loan has a 25-year maturity and equal monthly payments of principal and interest are due for 25 years. Upon loan origination, the lender charges an origination fee of 2% of the loan amount. At the end of 5 years (end of month 60), the borrower prepays the remaining loan balance and incurs a 3% prepayment penalty based on the amount of principal repaid early. What would be the effective interest rate for this loan in this scenario?

Type your final answer as a percentage, not decimal value. Round your percentage value to two decimal places or the hundredths place. Note, express the effective interest rate as an annual rate (similar to class exercises).