A local finance company quotes an interest rate of 16 percent on one-year loans. So, if you borrow $24,000, the interest for the year will be $3,840. Because you must repay a total of $27,840 in one year, the finance company requires you to pay $27,840 / 12, or $2,320.00, per month over the next 12 months. What interest rate would legally have to be quoted? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)