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Mitachi's Pawn Shop charges an interest rate of 25 percent per month on loans to its customers.Like all lenders, Mitachi must report an APR to

Mitachi's Pawn Shop charges an interest rate of 25 percent per month on loans to its customers.Like all lenders, Mitachi must report an APR to consumers.

a) What rate should the shop report?

b)What is the effective annual rate?

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