i post this question for the second time, i got the answer from chegg but i don't understand how the got interest rate (R) of 1.030157%, please help with this step (800 = 50,000*R*[(1 + R)^48][(1 + R)^48 - 1] been trying to understand it for 3hours.

i want to understand this formula (Monthly installment = P x R x [(1 + R)^n ] [(1 + R)^n - 1]) how we get to calculate 'R'

What i don't understand is how you calculated 'R' which is 1.030157%, can you show me step by step please.

The following solution is what i got from Chegg and i appreciate it

'Monthly installment = P x R x [(1 + R)^n ] [(1 + R)^n - 1]

Here,

P (Loan amount) = $50,000

R = Effective annual rate/12

n (Number of monthly payments) = 48 months

800 = 50,000*R*[(1 + R)^48][(1 + R)^48 - 1]

R = 1.030157% R = Effective annual rate/12

Effective annual rate = 1.030157%*12 = 12.36%'

Loan easy Ltd lends you R50 000 today with terms and conditions to pay off the loan in forty-eight monthly instalments of R800 each. Calculate the effective annual interest rate the Loan easy Ltd is charging you? 1. 1.03% 2. 8.25% 3. 9.00% 4. 12.36%