By the end of 2016, Square has lent $1 billion in cash advances and loans to more than 100,000 businesses. 92% of Square Capital loans were for amounts under $50,000, with the majority of loans originating from merchants in the Southwest and West parts of the United States. The average loan size was $6,000. In the example given, the business borrows $10,000 and pays back $11,130 by paying 11% of its credit card receipts each day until paid in full. Is the 11% the interest rate charged