A local finance company quotes an interest rate of 19.7 percent on one-year loans. So, if you borrow $47,000, the interest for the year will be $9,259. Because you must repay a total of $56,259 in one year, the finance company requires you to pay $56,259/12, or $4,688.25 per month over the next 12 months.

What rate would legally have to be quoted?