Dave borrowed $560 for one year and paid $44 in interest. The bank charged him a $4 service charge. What is the finance charge on this loan?

Dave borrowed $550 on January 1, 2019, and paid it all back at once on December 31, 2019. The bank charged him a $7.00 service charge and interest was $45.25.

What was the APR? (Enter your answer as a percent rounded to 2 decimal places.)