please elaborate and show all calculations to get the interest rate using this example.

Chegg Study Textbook Solutions Expert Q&A Practice NEW! Question: Lease Term 36 months Lease payment $68,742.10 Purchase Lease Term 36 months Lease payment $68,742.10 Purchase price $1,785,000.00 the question is What is the annual rate of interest being charged to the hospital? The total interest paid over the entire term of the lease? Expert Answer Anonymous answerod this 784 answors Was this answer helpful? Answer: The above problem is related to present value. Present value is given as $1,785,000 and periodic payment is $68742.10 and number of period(n) is 36. Present Value Periodic Payment 1- (1+ Interest Rate)-n/interest rate 1 - (1+interest rate)A-36/ interest rate = $68,742.10 Interest Rate = 1.885% approx monthly Annual Interest Rate 1-(1+.01885)^12 =25.12 % approx Comment Chegg Study Textbook Solutions Expert Q&A Practice NEW! Question: Lease Term 36 months Lease payment $68,742.10 Purchase Lease Term 36 months Lease payment $68,742.10 Purchase price $1,785,000.00 the question is What is the annual rate of interest being charged to the hospital? The total interest paid over the entire term of the lease? Expert Answer Anonymous answerod this 784 answors Was this answer helpful? Answer: The above problem is related to present value. Present value is given as $1,785,000 and periodic payment is $68742.10 and number of period(n) is 36. Present Value Periodic Payment 1- (1+ Interest Rate)-n/interest rate 1 - (1+interest rate)A-36/ interest rate = $68,742.10 Interest Rate = 1.885% approx monthly Annual Interest Rate 1-(1+.01885)^12 =25.12 % approx Comment