A stereo priced at $1,057.53 was paid for by 12 monthly payments of $100 with the first payment made one month after the date of purchase. What monthly compounded nominal

A stereo priced at $1,057.53 was paid for by 12 monthly payments of $100 with the first payment made one month after the date of purchase. What monthly compounded nominal interest rate was charged?
A) 2.00%
B) 2.33%
C) 27.97%
D) 24.00%
E) 24.96%

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