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.