Charges an interest rate-what is the effective annual rate

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Big Dom’s Pawn Shop charges an interest rate of 27.6 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers.

What is the effective annual rate?

Reference no: EM13890162

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Charges an interest rate-what is the effective annual rate : Big Dom’s Pawn Shop charges an interest rate of 27.6 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers. What is the effective annual rate?

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