EFFECTIVE RATE OF INTEREST
Find the interest rates earned on each of the following. Round each answer to two decimal places.
You borrow $690 and promise to pay back $759 at the end of 1 year. %
You lend $690 and the borrower promises to pay you $759 at the end of 1 year. %
You borrow $59,000 and promise to pay back $364,380 at the end of 11 years. %
You borrow $10,000 and promise to make payments of $2,504.60 at the end of each year for 5 years. %