Ricky Ripov's Pawn Shop charges an interest rate of 13.7 percent per month on loans to its
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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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APR is the annual percentage rate It is simply calculated based on the annual rate Annual nominal ra...View the full answer
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Related Book For
Essentials of Corporate Finance
ISBN: 978-1259277214
9th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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