x=3000

and please can you solve it with out useing excel i want to know the Mathematics answer

and think you for your efforts

P 1.4 = A businessman borrowed money from a bank to finance his personal jet. The bank loan terms allowed him to defer payments for six months and then to make 36 equal end of payments thereafter. The original bank loan was $9600+X with an interest rate of 12% compounded monthly. After sixteen monthly payments, he finds himself in trouble due to business loss and went to a loan company for assistance in lowering his monthly payments. Luckily, he got the deal and the loan company offered to pay his debts in one lump sum, provided that he pays the company $208 per month for the next 36 months. Calculate the monthly rate of interest is the loan company charging on this transactions? Note that X is the last digit of your University ID and its in 1000. For example, if student ID is 3, the value of X is $ 3000. ****** ***