The treasurer for the Macon Blue Sox baseball team is seeking a $23,800 loan for one year from the 4th National Bank of Macon. The stated interest rate is 16 percent, and there is a 24 percent compensating balance requirement. The treasurer always keeps a minimum of $2,390 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?

Note: Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.