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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Essentials Of Corporate Finance

ISBN: 9780073382463

7th Edition

Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan

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Question Posted: Jun 13, 2019 10:28 AM

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Ricky Ripovs Pawn Shop charges an interest rate of 15 percent per month on loans to its

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

Essentials Of Corporate Finance

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