Question: Ms . Smith borrowed $ 1 , 2 5 0 at an 1 1 % stated rate of interest and was to pay back the

Ms. Smith borrowed $1,250 at an 11% stated rate of interest and was to pay back the instalment loan in 24 monthly payments. What is her annual rate of interest?
Multiple Choice
22.00%
18.96%
10.56%
11.60%.

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