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Big Dom's Pawn Shop charges an interest rate of 3 0 . 0 percent per month ( it is quoted on a monthly basis )

Big Dom's Pawn Shop charges an interest rate of 30.0 percent per month (it is quoted on a monthly basis) on loans to its customers. Like all lenders, Big Dom must report an APR to consumers.
a. What rate should the shop report? (10%)
b. What is the effective annual rate? (10%)
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