Ricky Ripov's Pawn Shop charges an interest rate of 16 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers What rate should the shop reprt? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.32.16.) Annual percentage ra What is the effective annual rate? (Do not round intermediate caloulations and enter your answer as a percent rounded to 2 decimal places, e.g.32.16.) Effective annual rate