Find the interest rates earned on each of the following.
EFFECTIVE RATE OF INTEREST
Find the interest rates earned on each of the following. Round each answer to two decimal places.
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You borrow $700 and promise to pay back $763 at the end of 1 year.
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You lend $700 and the borrower promises to pay you $763 at the end of 1 year.
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You borrow $95,000 and promise to pay back $271,047 at the end of 11 years.
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You borrow $14,000 and promise to make payments of $3,693.20 at the end of each year for 5 years.
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