Ricky Ripovs Pawn Shop charges an interest rate of 15.75 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers. 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 189 % 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.) whats is the Effective annual rate