Jon is considering an ARM with the following characteristics: Mortgage Amount = $150,000, Initial Contract Rate = 4.5%, Interest Rate Caps = 2/6, Margin = 2.50, Index = 1-year TB Yield with a value at the outset of 4%, Index value at the end of year one and constant for the remaining term = 5%, Discount Points = 2, Term = 30 years, Monthly Payments. What is the APR for this loan? (Give answer to 2 decimal places if applicable).