Effective rate of interest
Find the interest rates earned on each of the following. Round
each answer to two decimal places.
f. You borrow $700 and promise to pay back $763 at the end of 1
year.
_____%
g. You lend $700 and the borrower promises to pay you $763 at
the end of 1 year.
_____ %
h. You borrow $59,000 and promise to pay back $350,226 at the
end of 12 years.
_____ %
i. You borrow $12,000 and promise to make payments of $2,771.70
at the end of each year for 5 years.
_____ %
Effective rate of interest Find the interest rates earned on each of the following. Round each answer to two decimal pla
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