Ricky Ripovs Pawn Shop charges an interest rate of 15 percent per month on loans to its
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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. What rate should the shop report? What is the effective annual rate?
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The APR is simply the interest rate per period times the numbe...View the full answer
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Related Book For
Essentials Of Corporate Finance
ISBN: 9780073382463
7th Edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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