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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 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? b What is the effective annual rate?
Big Dom's Pawn Shop charges an interest rate of 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?
b What is the effective annual rate?
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