This question illustrates what is known as discount interest. Imagine you are discussing a loan with a somewhat unscrupulous lender. You want to borrow $28,000 for one year. The interest rate is 19.25 percent. You and the lender agree that the interest on the loan will be 1925 * $28,000 = $5,390. So, the lender deducts this interest amount from the loan up front and gives you $22,610. In this case, we say that the discount is $5,390. 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.) Interest rate %