Ricky Ripovs Pawn Shop charges an interest rate of 12.1 percent per month on loans to its

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Ricky Ripov’s Pawn Shop charges an interest rate of 12.1 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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Essentials of Corporate Finance

ISBN: 978-1260013955

10th edition

Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan

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Question Posted: Nov 27, 2019 04:14 AM

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Ricky Ripovs Pawn Shop charges an interest rate of 12.1 percent per month on loans to its

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The APR is the interest rate per period times the num...View the full answer

Essentials of Corporate Finance

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