Ms$.$ Smith borrowed $$1,250$ at an $11\%$ stated rate of interest and was to pay back the instalment loan in $24$ monthly payments. What is her annual rate of interest?

Multiple Choice

$22\mathrm{.}00\%$

$18\mathrm{.}96\%$

$10\mathrm{.}56\%$

$11\mathrm{.}60\%.$