Zax started a small business selling computers and accessories last year. He took out a loan at the time, and currently owes the bank $316,000. Below is some additional information regarding Zax's loan: Zax has been making level monthly repayments on his loan, and will continue to do so. The next payment is due exactly one month from today. The bank is charging Zax interest on this loan at 7.7% p.a. effective. (a) Determine the equivalent effective monthly rate Zax is being charged on his loan. Give your answer as a percentage to 4 decimal places.