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.
You lend $700 and the borrower promises to pay you $763 at the end of 1 year.
You borrow $95,000 and promise to pay back $271,047 at the end of 11 years.
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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