Question
Ricky Ripovs Pawn Shop charges an interest rate of 14.5 percent per month on loans to its customers. Like all lenders, Ricky must report an
| Ricky Ripovs Pawn Shop charges an interest rate of 14.5 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers. | |
| a. | What rate should the shop report? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual percentage rate ________ |
| b. | What is the effective annual rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective annual rate _________ |
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Digital Business And Electronic Commerce
Authors: Bernd W Wirtz
1st Edition
3030634817, 9783030634810
