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Ricky Ripov's Pawn Shop charges an interest rate of 15.75 percent per month on loans...

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Finance

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Ricky Ripov's Pawn Shop charges an interest rate of 15.75 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers. a. What rate should the shop report? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Book erences a. Annual percentage rate Effective annual rate % % b. You want to buy a new sports coupe for $74,300, and the finance office at the dealership has quoted you a loan with an APR of 6.7 percent for 72 months to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. Monthly payment b. Effective annual rate ae %

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