On July $17,2021,$ Michael Urban borrowed $$84,000$ from his grandfather to open a clothing store. Starting July $17,2022,$ Michael has to make $10$ equal annual payments of $$12,000$ each to repay the loan. Use a financial calculator to determine what interest rate Michael is'paying. $($Round answer to $2$ decimal places, e$.$g$.25\mathrm{.}50\%.)$

Interest rate