The ad for a 4-door sedan claims that a monthly payment of $349 constitutes 0% financing. Explain why that is false. Find the annual interest rate compounded monthly that is actually being charged for financing $17,475 with 60 monthly payments of $349. NEW 4-DOOR SEDAN! Zero down-0% financing $349 per month* Buy for $17,475 *4-door sedan, 0% down, 0% for 60 months The advertisement is false, because for 0% financing, the monthly payments should be $ (Round to the nearest cent as needed.) not $349