Ricky Ripov's Pawn Shop charges an interest rate of 20 percent per month on loans to its

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Ricky Ripov's Pawn Shop charges an interest rate of 20 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: 9780073405131

6th Edition

Authors: Stephen A. Ross, Randolph Westerfield, Bradford D. Jordan

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Question Posted: Apr 24, 2012 07:12 AM

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Ricky Ripov's Pawn Shop charges an interest rate of 20 percent per month on loans to its

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The APR is simply the interest rate per period time...View the full answer

Essentials Of Corporate Finance

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