Your business partner just walked in the door and says that he thinks he just got a great deal on a used vehicle for the business. He tells you that the vehicle he just purchased has a blue book value of $19,000 and he bought it for $16,000. He paid $1000 of the purchase price in cash and financed the remainder by taking out a 3 year loan. He will be paying $460 each month for the loan. What annual interest rate (APR) is he paying on this loan?