Home loans typically involve points, which are fees charged by the lender. Each point charged means that the borrower must pay 1% of the loan amount as a fee. For example, if the loan is for $190,000 and 3 points are charged, the loan repayment schedule is calculated on a $190,000 loan but the net amount the borrower receives is only $184,300. Assume the interest rate is 1.25% per month. What is the effective annual interest rate charged on such a loan, assuming loan repayment occurs over 132 months?