A bank has been accused for charging high interest rates on short$-$duration consumer loans, which are being provided to high$-$risk customers. Repayments are collected in$-$person by rep$-$ resentatives of the bank making the loan. The initial loans are for $$2,000$ and repayments are made at an annual rate of $$2,400$ payable monthly in advance for two years.

The consumer forum says that on this particular type of loan, consumers who make all their repayments pay interest at an annual effective rate of over $200\%.$

Using suitable supporting calculations, determine whether the consumer forum is correct or not.