The treasurer for the Macon Blue Sox baseball team is seeking a $20,200 loan for one year from the 4 th National Bank of Macon. The stated interest rate is 19 percent, and there is a 19 percent compensating balance requirement.IThe treasurer always keeps a minimum of $2,030 in the baseball team's checking accounts. These funds count toward meeting any compensating balance requirements. What will be the effective rate of interest on this loan? Note: Use a 360-day year. Input your answer as a percent rounded to 2 decimal places