Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Find the interest rates earned on each of the following. Round your answers to the nearest whole number. You borrow $750 and promise to pay

Find the interest rates earned on each of the following. Round your answers to the nearest whole number.

  1. You borrow $750 and promise to pay back $780 at the end of 1 year.

    =%?

  2. You lend $750 and the borrower promises to pay you $780 at the end of 1 year.

    =%?

  3. You borrow $86,000 and promise to pay back $329,885 at the end of 11 years.

    =%?

  4. You borrow $9,000 and promise to make payments of $2,684.80 at the end of each year for 5 years.

    = %?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: Larson Kermit, Tilly Jensen

Volume I, 14th Canadian Edition

71051503, 978-1259066511, 1259066517, 978-0071051507

Students also viewed these Finance questions

Question

All except which of the following are advantages of leasing

Answered: 1 week ago