A bank has a cost of funds of 10%, a default rate of 2% and an underwriting transaction cost of $20 per loan. To break even on a $100 loan, the bank must charge $10 to cover cost of funds, $2 to cover expected defaults, and $20 to cover transaction cost, totalig $32 or an interest rate of 32%. On a $55 loan, using the same cost of funds rate, default rate, and underwriting transaction cost above, the break-even rate would be ____%