Answer:
Annual rate of interest will be 132.876 %
Step-by-step explanation:
We have given amount which he has to pay A = $611.03
He does a monthly payment of $26.17
So principle amount P = $26.17
Time = 2.5 years
As payment is done monthly so time period = 12×2.5 = 30 periods
Future amount is given by
%
So annual rate will be 11.07×12 = 132.876%
Annual rate of interest will be 132.876 %