Effective rate of interest Find the interest rates earned on each of the following. Round each answer to two decimal places. a. You borrow $700 and promise to pay back $749 at the end of 1 year. b. You lend $700 and the borrower promises to pay you $749 at the end of 1 year. c. You borrow $56,000 and promise to pay back $140,128 at the end of 7 years. d. You borrow $16,000 and promise to make payments of $5,001.00 at the end of each year for 5 years