Mary jones recently obtained an automobile loan a local bank. the loan is for $15000 with a nominal interest rate of 11 percent.

Mary jones recently obtained an automobile loan a local bank. the loan is for $15000 with a nominal interest rate of 11 percent. however, this is an installment loan, so the bank also charges add-on interest. mary must make monthly payments on the loan , and the loan is to be repaid in 1 year. what is the effective annual rate on the loan( assuming a 365- day year)?