Question: How to find the interest rates in annuity problems WITHOUT using calculators or spreadsheets? Normal algebra doesn't seem to work. Can someone please show me

How to find the interest rates in annuity problems WITHOUT using

How to find the interest rates in annuity problems WITHOUT using calculators or spreadsheets?

Normal algebra doesn't seem to work. Can someone please show me how to do such sums using this problem as example?

Timothy borrows $6,930 from the bank. For a four-year loan, the bank requires annual end-of-year payments of $2,281.86. Calculate the interest rate on the loan. Answer: X The correct answer is: 12

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