A car dealer carries out the following calculations. What is the annual percentage rate? (Round your answer to the nearest tenth.)
List price $5,368.00
Options $1,625.00
Destination charges $200.00
Subtotal $7,193.00
Tax $431.58
Less trade-in $2,932.00
Amount to be financed $4,692.58
8% interest for 48 months $1,501.63
MONTHLY PAYMENT $129.05
_____%