527 a loan of 5000 is taken from a bank that charges a nominal annual

Question

5.27. A loan of $5000 is taken from a bank that charges a nominal annual interest rate i, compounded monthly. A payment of $200 is made each month, starting at the end of the first month, toward the loan. If it takes 36 months to pay off the loan, the rate of interest i may be determined from the following equation, which is obtained by summing the present worth of the monthly payments (see Example 2.2): \frac{(1+i / 12)^{36}-1}{\frac{i}{12}(1+i / 12)^{36}} \times 200=5000 Find this interest rate, by any method of your choice. An accuracy of 10^-3 on i is adequate.