Annualized rates

I am doing the online questions and on the Stewart Mink Case Scenario I am getting a weird result. The answer says that the effective rate on a loan is

[(60m+2.4m)/(60.031050m)]*365/180 -1=8.16%

Performing the above calculation renders 1.10. Subtracting 1 before multiplying to 365/180 results in 8%… what am I doing wrong?

Instead of multiplying by (365/180), try using an exponent. That will give you 8.16.