Effective rate of interest Find the interest rates earned on each of the following. Round...
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Accounting
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 $710 and promise to pay back $781 at the end of 1 year.
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You lend $710 and the borrower promises to pay you $781 at the end of 1 year.
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You borrow $86,000 and promise to pay back $370,698 at the end of 14 years.
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You borrow $20,000 and promise to make payments of $6,687.60 at the end of each year for 5 years.
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