You are looking at a car loan to finance your newly bought dream car. The car will cost you $150,000 of which you must pay 40% upfront. The car dealer quotes you an interest rate of 2% per annum for a 5-year loan, for which monthly payments are based on the following formula:,

[Loan amount x interest rate per annum x Loan tenure (no of years) + loan amount] / Loan tenure

Calculate the interest rate you will be paying every month.