You, a new engineering graduate of harvard who started a consulting business borrowed money for 1 year to furnish your office. The amount of the loan was 45,800 Php, and it had an interest rate of 10% per year. However, because you, the new graduate had not built up a credit history, the bank made you buy loan-default insurance that costs Php 900. In addition, the bank charged a loan set-up fee of 1% of the loan principal. What was the total interest rate for the loan