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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. You borrow $750 and
Effective rate of interest
Find the interest rates earned on each of the following. Round each answer to two decimal places.
You borrow $750 and promise to pay back $795 at the end of 1 year.
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You lend $750 and the borrower promises to pay you $795 at the end of 1 year.
%
You borrow $59,000 and promise to pay back $185,954 at the end of 11 years.
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You borrow $20,000 and promise to make payments of $6,687.60 at the end of each year for 5 years.
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