Effective rate of interest
Find the interest rates earned on each of the following. Round each answer to two decimal places.
You borrow $700 and promise to pay back $770 at the end of 1 year.
%
You lend $700 and the borrower promises to pay you $770 at the end of 1 year.
%
You borrow $86,000 and promise to pay back $693,525 at the end of 12 years.
%
You borrow $20,000 and promise to make payments of $6,687.60 at the end of each year for 5 years.
%