8. Effective rate of interest

Find the interest rates earned on each of the following. Round each answer to two decimal places.

a. You borrow $740 and promise to pay back $777 at the end of 1 year.

%

b. You lend $740 and the borrower promises to pay you $777 at the end of 1 year.

%

c. You borrow $74,000 and promise to pay back $950,100 at the end of 14 years.

%

d. You borrow $18,000 and promise to make payments of $4,390.00 at the end of each year for 5 years.

%