Big Dom's pawn shop charges an interest rate of 26 percent per month on loans to its

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Big Dom's pawn shop charges an interest rate of 26 percent per month on loans to its customers. like all lenders, big Dom must report an APR to consumers.

a. what rate should the shop report

b. what is the effective annual rate

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Fundamentals of corporate finance

ISBN: 978-0073382395

9th edition

Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan

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Posted Date: May 03, 2024 01:47 AM

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Big Dom's pawn shop charges an interest rate of 26 percent per month on loans to its

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a To calculate the APR we need to convert the monthly interest rate of 26 to ... View the full answer

Fundamentals of corporate finance

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