Suppose Mary goes ahead and gets a loan for $1,500 from Brimble. She incurs an establishment fee of 20% of the loan amount and a monthly loan fee of 4% per month. She aims to repay the loan over 4 weeks (that is, 1 month). Compute the effective annual interest rate in percent Mary is going to pay (rounded to the nearest percent), assuming monthly compounding.

Group of answer choices

240%

288%

2.88%

24%