You want to borrow $104,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,400, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 54-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

You want to borrow $104,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,400, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 54-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)