You decide it's time to buy an electric car. With the potential for higher future gas prices, you decide to purchase a Tesla Model S for $65,000. You give a down payment of $10,000 and receive a tax credit of $8,500 so you need to borrow $46,500. You take out a 5 year loan with an interest rate of 7% APR with monthly compounding. What is the effective annual rate on your loan?