You have been given a choice of paying $20,000 for a new GM car with a $3,000 cash rebate (net cost of $17,000 which you finance separately), or zero percent financing for 48 months with no cash rebate.

What is the implicit rate of interest in this deal?

7.53%

8.21%

5.90%

8.69%

4.30%

Please explain how to calculate thank you