The Johnson family has been planning a vacation to China for the past two years. Canvas Savings & Loans agrees to advance a loan of $24,000 to finance the trip provided the Johnsons pay the loan back in 12 equal monthly installments. Canvas will charge an add-on loan rate of 5.5%. What is the amount of each required monthly payment? What is the effective interest rate on this loan?

Group of answer choices

$1,330; 14.0%

$1,320; 12.0%

$1,240; 11.0%

$1,250; 11.5%