Suppose your firm is seeking a three-year, amortizing $340,000 loan with annual payments and your bank is offering you the choice between a $352,000 loan with a compensating balance of $12,000 and a $340,000 loan without a compensating balance. The nterest rate on the $340,000 loan is 9.5 percent How low would the interest rate on the loan with the compensating balance have to be for you to choose in? Note: Do not round intermediate calculations. Round your final answer to 2 decimal places