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Ricky Ripov's Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like all lenders, Ricky must report an

Ricky Ripov's Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers. What rate should the shop report? What is the effective annual rate?

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