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Big Dom's Pawn Shop charges an interest rate of 15 percent per month on loans to its customers. Like all lenders, Big Dom must report

Big Dom's Pawn Shop charges an interest rate of 15 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers.

Required :
(a) What rate should the shop report?
(Click to select)15.00%180.00%183.60%176.40%171.00%
(b) What is the effective annual rate?
(Click to select)435.03%16.08%180.00%413.27%107.51%

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