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Big Dom's Pawn Shop charges an interest rate of 2 0 percent per month on loans to its customers. Like all lenders, Big Dom must

Big Dom's Pawn Shop charges an interest rate of

20

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?

APR

.

What is the effective annual rate?

EAR

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