Suppose First Republic Bank offers you a 15-year $500,000 mortgage with at a fixed rate of 6% and one point. What is the effective annual rate you are paying for this loan if you keep it for the full 15 years. Put your number in % and accurate to two decimal places (i.e. if the rate is 3.0% or 0.03, enter 3.00). Hint: you will need to solve for the monthly mortgage payment first.