An auto dealership is advertising that a new car with a stickerprice of $35,208 is on sale for $25,995 if payment is made in full,or it can be financed at 0% interest for 72 months with a monthlypayment of $489. Note that 72 payments × $489 per payment =$35,208, which is the sticker price of the car. By allowing you topay for the car in a series of payments (starting one month fromnow) rather than $25,995 now, the dealer is effectively loaning you$25,995. If you choose the 0% financing option, what is theeffective interest rate that the auto dealership is
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