You want to borrow $58,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,200, but no more.

Assume monthly compounding, what is the highest rate you can afford on a 60-month APR loan? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)