Ricky ripovs pawn shop charges an interest rate of 15


Ricky Ripov's Pawn Shop charges an interest rate of 15 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers.

Requirement :

What rate should the shop report?
What is the effective annual rate?

 

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: Ricky ripovs pawn shop charges an interest rate of 15
Reference No:- TGS0626547

Expected delivery within 24 Hours