Today is 1 July 2021. You are looking to purchase an investment property today (after months of research and negotiations). You have spoken to Peter, the loan specialist at Harrison Bank, to negotiate the terms of your mortgage. You and Peter have agreed to the following terms:

• You will borrow $390,000 today in order to purchase your chosen property.
• This mortgage will be repaid by level monthly repayments.
• Your first repayment to the bank will occur exactly 1 month from today, on 1 August 2021, and the final repayment will occur exactly 27 years from today, on 1 July 2048.
• Peter has arranged for an interest rate of 7.4% p.a. effective to be locked in for the life of this loan.

The interest rate for the loan is 7.4% p.a. effective. Calculate the equivalent nominal annual rate compounding monthly. Give your answer as a percentage to 4 decimal places, and do NOT include a percentage sign.