Problem Six $(10$ points$)$

An individual borrows $$900$ from a 'small investment company' that is to be repaid in $12$ equal

end$-$of$-$month payments with an interest stated as $"1\mathrm{.}25\%$ per month." The monthly payments

were defined $-$ by the loan company $-$ as shown below:

Monthly payments $=$$$1,\frac{060\mathrm{.}00}{12}=$$$88\mathrm{.}33$

Determine the effective interest rate for this loan.