The low-temperature stable states and the magnetization reversal of realistic two-dimensional nanoarrays with higher-order magnetostatic interactions are studied theoretically. For a general calculus of the multipole-multipole interaction energy we introduce a Hamiltonian in spherical coordinates into the Monte Carlo scheme. We demonstrate that higher-order interactions considerably change the dipolar ground states of in-plane magnetized arrays favoring collinear configurations. The multipolar interactions lead to enhancement or decrease of the coercivity in arrays with in-plane or out-of-plane magnetization.