Big Dom’s Pawn Shop charges an interest rate of 26.8 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers. What rate should the shop report? What is the effective annual rate?(I current have APR = 321.6? not sure if it is right but get 2.130774 for the EAR ?)
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Big Dom’s Pawn Shop charges an interest rate of 26.8 percent per month on loans to its customers. Li...
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