2 Big Dom's Pawn Shop charges an interest rate of 25.5 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? 3 4 5 6 Rate per period 7 Compounding periods per year 8 9 10 11 Output area: 12 13 APR 14 EAR 15 16 Input area: 25.50% 12 (Use cells A6 to B7 from the given information to complete this question. Your answer should be a positive value.)

Big Dom's Pawn Shop charges an interest rate of 25.5 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? (Use cells A6 to 87 from the given information to complete this question. Your answer should be a positive value.)