Find the interest rates earned

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Reference no: EM13807341

Effective rate of interest

Find the interest rates earned on each of the following. Round each answer to two decimal places.

You borrow $650 and promise to pay back $689 at the end of 1 year.

You lend $650 and the borrower promises to pay you $689 at the end of 1 year.

You borrow $92,000 and promise to pay back $321,858 at the end of 12 years.

You borrow $12,000 and promise to make payments of $2,771.70 at the end of each year for 5 years.

Reference no: EM13807341

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