Question: Effective Rate of Interest

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

You borrow $700 and promise to pay back $728 at the end of 1 year. %

You lend $700 and receive a promise to be paid $728 at the end of 1 year. %

You borrow $60,000 and promise to pay back $162,820 at the end of 11 years. %

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