Problem $8-7($Algo$)$ Effective rate on discounted Ioan $[$LO$8-2]$

Mary Ott is going to borrow $$7,100$ for $120$ days and pay $$144$ interest.

What is the effective rate of interest if the loan is discounted?

Note: Use a $360-$day year. Do not round intermediate calculations. Input your answer as a percent rounded to $2$ decimal places.