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EAR v APR-Big Doms Pawn Shop charges an interest rate of 32 percent per month on loans to its customers. Like all lenders, Big Dom

EAR v APR-Big Doms Pawn Shop charges an interest rate of 32 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? What is the effective annual rate?

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