Question ear v apr-big doms pawn shop charges an interest, Ask an Expert

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Question: EAR v APR-Big Dom's Pawn Shop charges an interest rate of 32 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? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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