Suppose that you have taken out a 30-year loan for $500,000. The loan has an annual interest rate of 15% with monthly payments and compounding. In order to get the loan you had to pay a 0.5% origination fee, 1.25 points, and $3000 in third-party closing costs. Calculate the annual effective borrowing costs if you pay off the loan at the end of the 4th year.