Problem refer to the following ads.

The ad for a Bison sedan claims that a monthly payment of $299 constitutes 0% financing. Explain why that is false. Find the annual interest rate compounded monthly that is actually being charged for financing $17,485 with 72 monthly payments of $299.

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2020 BISON SEDAN 2020 BISON SUV Zero down - 0% financing $299 per month* Zero down - 0% financing $399 per month* Buy for $17,485. Buy for $23,997. Bison sedan, 0% down, 0% for 72 months * Bison SUV, 0% down, 0% for 72 months