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Lewis and Clark Camping Supplies Inc. is borrowing $48,000 from Western State Bank. The total interest is $21,100. The loan will be paid by making

Lewis and Clark Camping Supplies Inc. is borrowing $48,000 from Western State Bank. The total interest is $21,100. The loan will be paid by making equal monthly payments for the next three years.

What is the effective rate of interest on this installment loan? (Input your answer as a percent rounded to 2 decimal places.)

Effective rate of interest

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