Compute annual interest rate r with continuous compounding

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A City Tech student purchased a new 3D 4K HDTV on Cyber Monday that was selling for $3,500. He signed a financing deal to make a down-payment of $1,000 and then to make 24 monthly payments of $150, beginning one month from the time of purchase. Compute the annual interest rate r with continuous compounding being paid by the student

I need step by step solution (formula and explanation) not just answer.

Reference no: EM13947522

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Compute annual interest rate r with continuous compounding : A City Tech student purchased a new 3D 4K HDTV on Cyber Monday that was selling for $3,500. He signed a financing deal to make a down-payment of $1,000 and then to make 24 monthly payments of $150, beginning one month from the time of purchase. Compu..

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