What rate should the shop report

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Reference no: EM132838106

Big Show's Pawn Shop charges an interest rate of 28.8% per month on loans to its customers. Like all lenders, Big Show must report an APR to consumers.

Problem 1: What rate should the shop report?

Problem 2: What is the effective annual rate? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Reference no: EM132838106

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