Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $177.77 each month, use the...

Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment of $1,300 and financed the balance for 24 months. If the payments are $177.77 each month, use the APR formula to find the APR. Round to the nearest hundredth of a percent.