On December 31, 2020, Waterway Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $2,200,000 note receivable by the following modifications: 1. Reducing the principal obligation from $2,200,000 to $1,760,000. 2. Extending the maturity date from December 31, 2020, to January 1, 2024. 3. Reducing the interest rate from 12% to 10%. Barkley pays interest at the end of each year. On January 1, 2024, Barkley Company pays $1,760,000 in cash to Waterway Bank. Answer the following questions related to Waterway Bank (creditor). (a) What interest rate should Waterway Bank use to calculate the loss on the debt restructuring? (Round answer to 0 decimal places, e.g. 18%.) Interest rate %