The treasurer for the Macon Blue Sox baseball team is seeking a $27,500 loan for one year from the 4th National Bank of Macon. The stated interest rate is 15 percent, and there is a 22 percent compensating balance requirement. The treasurer always keeps a minimum of $1,670 in the baseball teams checking accounts. These funds count toward meeting any compensating balance requirements. What will be the effective rate of interest on this loan? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)