Effective rate of interest
Find the interest rates earned on each of the following. Round each answer to two decimal places.
You borrow $710 and promise to pay back $781 at the end of 1 year.
%
You lend $710 and the borrower promises to pay you $781 at the end of 1 year.
%
You borrow $82,000 and promise to pay back $293,821 at the end of 7 years.
%
You borrow $20,000 and promise to make payments of $6,687.60 at the end of each year for 5 years.
%