Problem $8-20($Algo$)$ Installment loan for multiyears $[$LO$8-2]$

Lewis and Clark Camping Supplies Incorporated is borrowing $$79,000$ from Western State Bank. The total interest is $$14,300.$ The loan will be paid by making equal monthly payments for the next three years.

What is the effective rate of interest on this installment loan?

Note: Input your answer as a percent rounded to $2$ decimal places.

Effective rate of interest

$\%$