You are looking at a one-year loan of $18,500. The interest rate on a one-year loan is quoted as 11.2 percent plus three points. What is the EAR of this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Effective annual rate

%

Is your answer affected by the loan amount?

	Affected
	Not affected