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Ricky Ripov's pawn shop charges an interest rate of 13.7% per month on loans to its customers. like all lenders, ricky must report an APR

Ricky Ripov's pawn shop charges an interest rate of 13.7% per month on loans to its customers. like all lenders, ricky must report an APR to customers. what rate should the shop report? What is its effective annual rate?

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