Randal Corporation plans to borrow $271,000 for one year at 15 percent from the Waco State Bank. There is a 25 prcent compensating balance requirement. Randall Corporation keeps minimum transaction balances of $12.500 in the normal course of business. This idle cash counts toward meeting the compensating balance requirement What is the effective rate of interest? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest