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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
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 $798 at the end of 1 year. ______%
b. You lend $700 and the borrower promises to pay you $798 at the end of 1 year. ______%
c. You borrow $89,000 and promise to pay back $228,300 at the end of 6 years. ______%
d. You borrow $9,000 and promise to make payments of $2,684.80 at the end of each year for 5 years _____%
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