Antonio Menifee borrowed money from a bank to finance a small fishing boat. The bank's terms allowed him to defer payments (including interest) on the loan for six months and to make 36 equal end-of-month payments thereafter. The original bank note was for $16,000 with an interest rate of 9% compounded monthly. After 16 monthly payments,
Antonio found himself in a financial bind and went to a loan company for assistance in lowering his monthly payments. Fortunately, the loan company offered to pay his debts in one lump sum if he would pay the company $308.29 per month for the next 36 months. What monthly rate of interest is the loan company charging on this transaction?