Suppose that you are interested in purchasing a 15 year fixed rate constant payment fully amortizing mortgage in the amount of $100,000 with payments to be made monthly. The contract rate is 6%. However, assume that the lender is charging advance interest (e.g. discount points) in the amount of $5307.57. In addition, the borrower must pay an additional $1,000 in appraisal fees to acquire the loan, but this $1,000 fee will not be paid to the lender. Compute the Effective Borrowing Cost. Express your answer as % rounded to two decimals. For example, if your answer is .369 enter 36.90% in the box below