The EZ Credit Company offers to loan a college student $6,200 for school expenses. Repayment of the loan will be in monthly instalments of $382.95 for 18 months. The total repayment of money is $6,893.10, which includes the original $6,200, $1,234.72 in interest charges, and -$541.62 for 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?