Jessica is planning to buy a new car. The car price is $28,000 with a down payment of S10,000. Jessica was able to save the $10,000 for her dream car. If the monthly payment is $500 for 5 years, what is the annual nominal interest rate on this loan? What is the annual effective interest rate? Use interpolation if necessary. Excel solution is NOT accepted. Round the answer to 2 decimal places.

Please dont use PVIFA and show all work.