Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire 1st year and then to pay $496.83 at the end of each month over years 2, 3, and 4 (first payment is in 13th month).
. What nominal interest rate is Aerotron paying on the loan?
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