Effective rate of interest
Find the interest rates earned on each of the following. Round each answer to two decimal places.
You borrow $650 and promise to pay back $702 at the end of 1 year.
%
You lend $650 and the borrower promises to pay you $702 at the end of 1 year.
%
You borrow $93,000 and promise to pay back $131,923 at the end of 6 years.
%
You borrow $12,000 and promise to make payments of $2,771.70 at the end of each year for 5 years.
%