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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.Youborrow$700andpromisetopayback$756attheendof1year. b.Youlend$700andtheborrowerpromisestopayyou$756attheendof1year. c.Youborrow$99,000andpromisetopayback$798,360attheendof12years. d.
Effective rate of interest
Find the interest rates earned on each of the following. Round each answer to two decimal places.
- a.Youborrow$700andpromisetopayback$756attheendof1year.
- b.Youlend$700andtheborrowerpromisestopayyou$756attheendof1year.
- c.Youborrow$99,000andpromisetopayback$798,360attheendof12years.
- d. You borrow $18,000 and promise to make payments of $4,390.00 at the end of each year for 5 years.
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