The treasurer for the Macon Blue Sox baseball team is seeking a $24,200 loan for one year from the 4th National Bank of Macon. The stated interest rate is 20 percent, and there is a 19 percent compensating balance requirement. The treasurer always keeps a minimum of $1,880 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?