Problem 5-12 Effective rate of interest

Find the interest rates earned on each of the following. Round each answer to two decimal places.

You borrow $690 and promise to pay back $759 at the end of 1 year.

%

You lend $690 and the borrower promises to pay you $759 at the end of 1 year.

%

You borrow $51,000 and promise to pay back $121,705 at the end of 5 years.

%

You borrow $8,000 and promise to make payments of $2,219.30 at the end of each year for 5 years.

%