ABC bank offers you a loan of $10,000 and requires you to pay 10 equal installments of $1,600 every year for 10 years to repay the loan. The first installment of repayment is scheduled 1 -year from now. What is the interest rate on the loan offered by the bank? (Do NOT include the \% sign or any other text. Enter your answer as a percent and round your final answer to 2 decimal places, e.g. 110.10 )