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EAR versus APR. Big Dom's Pawn Shop charges an interest rate of 27 percent per month on loans to its customer.Like all lenders Big Dom

EAR versus APR. Big Dom's Pawn Shop charges an interest rate of 27 percent per month on loans to its customer.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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