You are considering a $250,000 30 year FA mortgage with a contract rate of 3.5%.To get this loan, the lender charged you $1,000 plus 2% in fees. If you intend to repay the loan in 7 years, what is your effective cost of borrowing?

Do not round intermediate results. Enter your answer as a percentage, rounded to two decimal places, but do not enter the "%" sign. For example, if your answer is 0.10456 = 10.456%, enter 10.46 (no %).