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To find the percent error, we need to find the absolute difference between the predicted time and the actual time, divide it by the predicted time, and then multiply by 100 to get the percentage.
The absolute difference between the predicted time (60 minutes) and the actual time (53 minutes) is:
$$\text{abs\_diff} = |60 - 53| = 7$$
Now, we can calculate the percent error:
$$\text{percent error} = \frac{\text{abs\_diff}}{\text{predicted time}} \times 100 = \frac{7}{60} \times 100 \approx 11.7\%$$
Therefore, the percent error is approximately 11.7%.