A company obtained a short$-$term bank loan of $$250,000$ at an annual interest rate of $6\%.$ As a condition of the loan, the company is required to maintain a compensating balance of $$50,000$ in its checking account. The checking account earns interest at an annual rate of $2\%.$ Ordinarily, the company maintains a balance of $$25,000$ in its account for transaction purposes. What is the effective interest rate of the loan?