A loan of P pesos is repaid by making n equal monthly payments of M pesos, starting a month after the loan is made. It can be shown that if the monthly interest rate is r, then (refer to the equation below). A car loan of Php 10,000 was repaid in 60 monthly payments of Php 250. Use the Newton-Raphson Method to find the monthly interest rate correct to 4 significant figures.

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