In the past, a car manufacturer advertised 0% financing on many of its models. For example, a particular model had a cash price of $13,174.09. However, if you elected to buy the car under the 0% financing deal, then the manufacturer used a price of $15,408. If you chose a 48-month term, then the manufacturer calculated your monthly loan payments using the 0% financing price instead of the cash price ($321 per month). In the fine print, the manufacturer was legally obliged to disclose the effective annual rate that it charged for the loan. What rate did the manufacturer disclose?
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