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Find the interest rates earned on each of the following. Round your answers to the nearest whole number. A. You borrow $700 and promise to
Find the interest rates earned on each of the following. Round your answers to the nearest whole number.
A. You borrow $700 and promise to pay back $728 at the end of 1 year. %
B. You lend $700 and the borrower promises to pay you $728 at the end of 1 year. %
C. You borrow $64,000 and promise to pay back $160,146 at the end of 7 years. %
D. You borrow $10,000 and promise to make payments of $2,504.60 at the end of each year for 5 years.
Problem 5.12 (Effective Rate of Interest) Question 10 of Check My Work (3 remaini eBook Find the interest rates earned on each of the following. Round your answers to the nearest whole number. a. You borrow $700 and promise to pay back $728 at the end of 1 year. % You lend $700 and the borrower promises to pay you $728 at the end of 1 year. % C. You borrow $64,000 and promise to pay back $160,146 at the end of 7 years. % d. You borrow $10,000 and promise to make payments of $2,504.60 at the end of each year for 5 years. %Step by Step Solution
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