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 $$2000$ and repayments are made at an annual rate of $$2400$ payable monthly in advance for two years.

The consumer forum says that $\text{'}$on this particular type of loan, consumers who make all their repayments pay interest at an an$-$ nual e$$ective rate of over $200\%\text{'}.$

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