Consider the following monthly amortization schedule:

Payment # Payment Interest Debt Payment Balance

$1996\mathrm{.}45750\mathrm{.}00216\mathrm{.}45149,783\mathrm{.}55$

$2996\mathrm{.}45748\mathrm{.}92217\mathrm{.}53149,566\mathrm{.}02$

$3996\mathrm{.}45$

With the exception of column one, all amounts are in dollars. Calculate the annual interest rate on this loan.

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