An investor has $40,000 to invest in a $200,000 property. He can obtain either a $160,000 loan at 9.5% for 20 years or a $150,000 loan at 8% for 20 years and a second mortgage for $30,000 at 12% for 10 years. All loans require monthly payments and are fully amortized. What would the effective cost of combining the 2 mortgages? (Answer in percent form and round to 2 decimal places)