Big Dom's Pawn Shop charges an interest rate of 23.8 percent per month on loans...
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Finance
Big Dom's Pawn Shop charges an interest rate of percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers.
a What rate should the shop report?
b What is the effective annual rate?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to decimal places.
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