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Problem 8-20 Installment loan for multiyears [LO8-2] Lewis and Clark Camping Supplies Inc. is borrowing $79,000 from Western State Bank. The total interest is $14,300.

Problem 8-20 Installment loan for multiyears [LO8-2] Lewis and Clark Camping Supplies Inc. is borrowing $79,000 from Western State Bank. The total interest is $14,300. 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.)

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