Efrin Corporation wants to borrow $500,000 for one month. It uses its inventory as collateral for a 16% (quarterly compounded APR) loan, under a warehouse arrangement where the warehouse fee is $15,000, paid at the end of the month. What is the EAR of this loan for Efrin? (Do not use the % sign. If your answer is 12.345%, then enter 12.345. Please use three decimal places.)