This question illustrates what is known as discount interest. Imagine you are discussing a loan with a somewhat unscrupulous lender. You want to borrow $26,000 for one year. The interest rate is 18.75 percent. You and the lender agree that the interest on the loan will be .1875 $26,000 = $4,875. So, the lender deducts this interest amount from the loan up front and gives you $21,125. In this case, we say that the discount is $4,875. What is the interest rate on this loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)