The EZ Credit Company offers to loan a college student $5500 for school expenses. Repayment of the loan will be in monthly installments of $237.57 for 30 months. The total repayment of money is $7,127.10, which includes the original $5500, $1,248.45 in interest charges, and $378.65for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this loan?