Question
Big Show's Pawn Shop charges an interest rate of 28.8% per month on loans to its customers. Like all lenders, Big Show must report an
Big Show's Pawn Shop charges an interest rate of 28.8% per month on loans to its customers. Like all lenders, Big Show must report an APR to consumers.
What rate should the shop report?
What is the effective annual rate?
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International Finance Putting Theory Into Practice
Authors: Piet Sercu
1st edition
069113667X, 978-0691136677
