An advertisement for new vehicles offered "1.9% 12-month financing or $2,000 cash back." A truck buyer financed $17,000 at the low interest rate instead of paying $15,000 cash (after the $2,000 rebate). What was the effective rate of interest on the loan if the foregone cash rebate was treated as part of the cost of financing? (The 1.9% interest rate was a monthly compounded nominal annual rate.)

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The Answer of An advertisement for new vehicles offered "1.9% 12-month financing or $2,000 cash back." A truck buyer financed $17,000 at the low interest rate instead of paying $15,000 cash (after the $2,000 rebate). What was the effective rate of interest on the loan if the foregone cash rebate was treated as part of the cost of financing? (The 1.9% interest rate was a monthly compounded nominal annual rate.)

An Advertisement for New Vehicles Offered "1