(Releted to Checkpoint 5.8) (Solving for \textit{r}) You've run out of money for college, and your college roommate has an idea for you. He offers to lend you $14,000, for which you will repay him $38,088 at the end of 7 years. If you took this loan, what interest rate would you be paying on it?
If you took this loan, the interest rate you would be paying on it is %. (Round to two decimal places.)