You take out a loan for $3000, your monthly payment is $194.92 for 24 months. So the total 24 month payment is $4,678.08 and the total interest paid is $1,678.08. What is the interest rate? *The answer in the solutions said it was 46.90% using this formula Present value of annuity =Loan amount=Annuity payment*((1-(1/(1+i)^m))/i)*

*Please show algebra, no spreedsheets please*