Describe the effective annual rate


EAR Versus APR Ricky Ripov's Pawn Shop charges aninterest rate of 20 percent per month on loans to itscustomers. Like all lenders, Ricky must report an APR toconsumers. What rate should the shop report? What isthe effective annual rate?

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Accounting Basics: Describe the effective annual rate
Reference No:- TGS0723282

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