This question illustrates what is known as discount interest Imagine you are discussing a loan with a somewhat unscrupulous lender. You want to borrow $23,000 for one year The interest rate is 12.8 percent. You and the lender agree that the interest on the loan will be 0128 $23,000 -$2,944. So the lender deducts this interest amount from the loan up front and gives you $20,056. . In this case, we say that the discount is $2,944 What is the effective interest rate? (Round your answer to 2 decimal places. (e.. 32.16)) Effective interest rate