Find the interest rates earned on each of the following:
(These problems can all be solved using a financial calculator by entering the known values shown on the time lines and then pressing the I/YR button.)
a. You borrow $700 and promise to pay back $749 at the end of the year
b. You lean $700 and the borrower promise to pay back $749 at the end of 1 year
c. You borrow $85,000 and promise to pay back $201,229 at the end of 10 years.
d. You borrow $9,000 and promise to make payment of $2,684.80 at the end of each year for 5 years.