You're looking into purchasing a home and just learned about the difference between nominal and effective interest rates. Bank of the Upper Peninsula offers a $30-$year mortgage with a stated $($nominal$)$ interest rate of $8\mathrm{.}08$ percent per year. However, they also state that interest will be compounded monthly, and payments will be due monthly. What is the effective interest rate per month?

Use two decimal places. An interest rate of $2\mathrm{.}25\%$ should be entered as $2\mathrm{.}25.$