David Kapamagian borrowed money from a hank to finance a small fishing boat

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David Kapamagian borrowed money from a hank to finance a small fishing boat. The bank's terms 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 bank loan was for $4800, with an interest rate of 12% compounded monthly. After 16 monthly payments, David 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 $104 per month for the next 36 months. What monthly rate of interest is the loan company charging on this transaction?