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An advertisement for ford trucks offered financing for months or cash back a truck buyer financed


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1.An advertisement for Ford trucks offered "2.9% financing (for 48 months) or $2,000 cash back." A truck buyer financed $20,000 ...

ck buyer financed $20,000 at the low interest rate instead of paying $18,000 cash (after the $2,000 rebate). Required: What was the effective rate of interest on the loan if the forgone cash rebate is treated as part of the cost of financing? (The 2.9% interest rate is a monthly compounded nominal rate.)
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1.AU MAT 120 Systems of Linear Equations and Inequalities Discussion

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