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Lewis and Clark Camping Supplies Inc. is borrowing $78,000 from Western State Bank. The total interest is $14,200. The loan will be paid by making

Lewis and Clark Camping Supplies Inc. is borrowing $78,000 from Western State Bank. The total interest is $14,200. 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? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)

Effective rate %

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