Question

4. value: 10.00 points Ricky Ripov's Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers. Requirement 1: What rate should the shop report? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Annual percentage rate % Requirement 2: What is the effective annual rate? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Effective annual rate % References eBook & Resources Worksheet Difficulty Basic Check my work

          4.
value:
10.00 points
Ricky Ripov's Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like
all lenders, Ricky must report an APR to consumers.
Requirement 1:
What rate should the shop report? (Round your answer as directed, but do not use rounded numbers
in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g.,
32.16).)
Annual percentage rate
%
Requirement 2:
What is the effective annual rate? (Round your answer as directed, but do not use rounded numbers
in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g.,
32.16).)
Effective annual rate
%
References
eBook & Resources
Worksheet
Difficulty Basic
Check my work

4.
value:
10.00 points
Ricky Ripov's Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like
all lenders, Ricky must report an APR to consumers.
Requirement 1:
What rate should the shop report? (Round your answer as directed, but do not use rounded numbers
in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g.,
32.16).)
Annual percentage rate
%
Requirement 2:
What is the effective annual rate? (Round your answer as directed, but do not use rounded numbers
in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g.,
32.16).)
Effective annual rate
%
References
eBook Resources
Worksheet
Difficulty Basic
Check my work

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