An advertisement for Hyundai cars offered “2.9% 12-month financing or $1000 cash back.” A car buyer financed $17,000 at the low interest rate instead of paying $16,000 cash (after the $1000 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 2.9% interest rate was a monthly compounded nominal rate.)