Effective Rate of Interest

Find the interest rate (or rates of return) for each of the following situations. Round your answers to two decimal places.

You borrow $700 and promise to pay back $749 at the end of 1 year.

%

You lend $700 and receive a promise to be paid $749 at the end of 1 year.

%

You borrow $60,000 and promise to pay back $136,716 at the end of 13 years.

%

You borrow $10,000 and promise to make payments of $2,445.7 at the end of each year for 5 years.

%

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