$($Related to Checkpoint $5\mathrm{.}6)($Solving for $i)$ You've run out of money for college, and your college roommate has an idea for you. He offers to lend you $$16,000,$ for which you will repay him $$39,801$ at the end of $7$ years. If you took this loan, what interest rate would you be paying on it$?$

If you took this loan, the interest rate you would be paying on it is $\%.($Round to two decimal places.$)$