Drew, the owner of a local Home Hardware is in the need of some quick cash. He went to a friend that recently won the lottery and the financing proposal the friend offered was: $15,000, 9 month bank loan with interest at 6%, and a lenders fee of $500 due at the end of the loan. What is the effective interest rate of this loan? Round your answer to 2 (two decimals). For example: 10.05%. (3 marks)