Big doms pawn shop charges an interest rate of 17 percent, Finance Basics

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Big doms pawn shop charges an interest rate of 17 percent

Question: Big Dom's Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers.

Required : (a) What rate should the shop report? (Click to select)208.08%17.00%199.92%193.80%204.00%

(b) What is the effective annual rate?

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Finance Basics: Big doms pawn shop charges an interest rate of 17 percent

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Finance Basics: Big doms pawn shop charges an interest rate of 17 percent

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