Ms. Smith borrowed $1,250 at an 11% stated rate of interest and was to pay back the

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

10.56%

11.60%.

18.96%

22.00%

Posted Date: May 18, 2024 11:08 PM

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Ms. Smith borrowed $1,250 at an 11% stated rate of interest and was to pay back the

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