The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is less than $$20,000.$ Express your answer as a percentage rounded to the nearest hundredth of a percent, if necessary.

$\backslash$table$[[$First Bank of Lending Loan APR$],[$Loan Amount,APR$*],[$$$20,000,11\mathrm{.}25\%$