You borrow $$1,000$ from the bank and agree to repay the loan over the next year in $12$ equal monthly payments of $$90.$ However, the bank also charges you a loan initiation fee of $$29,$ which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan, taking account of the impact of the initiation fee?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places. Use a financial calculator or Excel.