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Finding effective annual iterest rate for Car Loan?

Hi, can someone explain to me the process of finding the effective annual interest rate for this question: Sam would like to buy a new car. The car will cost $31,680.75, including taxes. A loan from the car dealership will require 60 monthly payments of $630.32. What is the effective annnual interest rate for this financing arrangement? Thanks for the answers, I know the rate but can someone explain how you get that rate from the information given in the question?

Public Comments

1. Auto finance is what I do for a living and it's 7.2%. As far as the process, I simply use my auto finance computer program enter the term, amount financed and payment and it tells me the rate required to get to the payment.
2. 7.2005
3. I used bankrate.com's auto loan calculator. The closest percentage I could plug in was 7.20%. In the real world they would have to disclose the advertised annual percentage rate and the effective APR with the interest included.