A local finance company quotes a 13 percent interest rate on one-year loans. So, if you borrow $20,000, the interest for the year will be $2,600. Because you must repay a total of $22,600 in one year, the finance company requires you to pay $22,600/12, or $1,883.33, per month over the next 12 months.

What rate would legally have to be quoted?