Big Dom's Pawn Shop charges an interest rate of 32 percent per month on loans to its

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Big Dom's Pawn Shop charges an interest rate of 32 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers. What rate should the shop report? What is the effective annual rate?

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Fundamentals of Corporate Finance

ISBN: 978-0077861704

11th edition

Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan

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Question Posted: Nov 21, 2016 08:14 AM

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Big Dom's Pawn Shop charges an interest rate of 32 percent per month on loans to its

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Fundamentals of Corporate Finance

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