Kiki has returned to her office at Mercury Bank, and sees some loan case files have been left for her to review. All loans at Mercury Bank charge a fixed interest rate (i.e. it does not change over the life of the loan), but different loans can have different interest rates charged. She reads through these case files and notes the following interesting cases: Case 1: A loan of $413,000 was made with a term of 30 years. There are level monthly repayments of $1731.350569, but the interest rate being charged on the loan is not known. Calculate the interest rate for this loan, expressed as an effective monthly rate. Give your answer as a percentage, to 4 decimal places. (1 mark) Answer: