Solved: Ear versus apr ricky ripovs pawn shop charges an interest, Finance Basics

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Ear versus apr ricky ripovs pawn shop charges an interest

Question: EAR versus APR. Ricky Ripov's Pawn Shop charges an interest rate of 13.7 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers. What rate should the shop report? What is the effective annual rate?

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Finance Basics: Ear versus apr ricky ripovs pawn shop charges an interest

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Finance Basics: Ear versus apr ricky ripovs pawn shop charges an interest

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