An auto dealership is advertising that a new car with a sticker price of $$35,208$ is on sale for $$25,995$ if payment is made in full, or it can be financed at $"0\%$ interest" for $72$ months with a monthly payment of $$489.$ Note that, $72$ payments x $$489$ per payment $=$ $$35,208,$ which is the sticker price of the car.

In practice, the financing is$,$ therefore, not $0\%,$ as you would pay $$35,208$ over $72$ payments of $$25,995$ now. By allowing you to pay for the car in a series of payments $($starting one month from now$)$ rather than $$25,995$ now, the dealer is effectively loaning you $$25,995.$ If you choose the financing option, what is the effective interest rate that the auto dealership is earning on your loan?