In thepast, a car manufacturer advertised0% financing on many of its models. Forexample, a particular model had a cash price of $12,064.61. However, if you elected to buy the car under the0% financingdeal, then the manufacturer used a price of $13,680. If you chose a 48-month term, then the manufacturer calculated your monthly loan payments using the0% financing price instead of the cash price ($285 permonth). In the fineprint, the manufacturer was legally obliged to disclose the effective annual rate that it charged for the loan.

What rate did the manufacturer disclose?

The disclosed effective annual rate was ........%.

(Round to two decimal places asneeded.)