John wants to buy a property for $105,000 and wants an 80% loan for $84,000. A lender indicates that a fully amortizing loan can be obtained for 30 years at 8% interest: loan origination fee of $3,500, which will be deducted from the contract amount, will also be necessary for John to obtain the loan. What is the effective interest rate for the borrower, assuming that the mortgage is paid off after 30 years? Answer in \% form and round to 2 decimal places. You may approximate the annual rate by multiplying the monthly rate by 12