Home loans typically involve points, which are fees charged by the lender. Each point charged means that the borrower must pay 1% of the loan amount as a fee. For example, if the loan is for $140,000 and 3 points are charged, the loan repayment schedule is calculated on a $140,000 loan but the net amount the borrower receives is only $135,800. Assume the interest rate is 1.25% per month. What is the effective annual interest rate charged on such a loan, assuming loan repayment occurs over 312 months? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) Effective annual interest rate 12.68%