Problem 5-15 Calculating APR (LO 4] Vandermark Credit Corp, wants to earn an effective annual return on its consumer loans of 13.9 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? (Use 365 days in a year. Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g. 32.16.) Interest rate %