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Big Shows Pawn Shop charges an interest rate of 27.8% per month on loans to its customers. Like all lenders, Big Show must report an

Big Shows Pawn Shop charges an interest rate of 27.8% per month on loans to its customers. Like all lenders, Big Show must report an APR to consumers.

What rate should the shop report? (Round the final answer to 1 decimal places.)

APR %

What is the effective annual rate? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

EAR %

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