A student loan paid faithfully for 23 years had the following statistics: Borrowed: $26,400 Paid back to date: $32,700 Still Owes: $45,276.63

Assuming the student calculated the amount paid back without discounting them and the payments are equal and paid monthly, how much did they pay each month?

Compute the annual rate of interest that the student agreed to pay when they took out the loan. (Hint: Use Excels RATE function to calculate this)