You want to borrow $77,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,300, but no more.

Assuming monthly compounding, what is the highest rate you can afford on a 78-month APR loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)