Home loans often involve $$points$,"$ which are fees charged by the lender. Each point charged means that the borrower must pay $1\%$ of the loan amount as a fee. For example, if the loan is for $$100,000$ and $2$ points are charged, the loan repayment schedule is calculated on a $$100,000$ loan, but the net amount the borrower receives is only $$98,000.$ Assume the interest rate is $1\%$ per month. What is the effective annual interest rate charged on such a loan, assuming loan repayment occurs over $360$ months?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places. Use a financial calculator or Excel.