Big doms pawn shop charges an interest rate of 23 percent
Big Dom's Pawn Shop charges an interest rate of 23 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers.
(a) What rate should the shop report?
(b) What is the effective annual rate?
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big doms pawn shop charges an interest rate of 23 percent per month on loans to its customers like all lenders big dom
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