Ear versus apr ricky ripovs pawn shop charges aninterest

Reference no: EM13615772

EAR Versus APR Ricky Ripov's Pawn Shop charges aninterest rate of 20 percent per month on loans to itscustomers. Like all lenders, Ricky must report an APR toconsumers. What rate should the shop report? What isthe effective annual rate?

Reference no: EM13615772

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