Hammond Motors is considering using a public warehouse loan as part of its short-term financing. The firm will require a loan of $2 million for three months. Interest on the loan will be 10% (APR, compounded quarterly) to be paid at the end of the quarter. The warehouse charges 0.8% of the face value of the loan, payable at the beginning of the quarter. The effective annual rate on this loan is closest to (\%) (2 decimal places)