Ravi borrowed money from a bank to finance a small fishing boat. The bank's term allowed him to defer payments (including interest) on the loan for six months and to make 36 equal end-of-month payments thereafter. The original loan was $4,800, with an interest rate of 24% per annum compounded monthly. After 16 monthly payments, Ravi found himself in a financial bind and went to a loan company for assistance in lowering his monthly payments. Fortunately, the loan company offered to pay his debts in one lump sum if he would pay the company $115.12 per month for the next 36 months. What monthly interest rate is the loan company charging on this transaction? (10 marks)