If you borrow $7400 at $700 interest for one year, what is your effective interest rate...

If you borrow $7400 at $700 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.)

Effective Rate of Interest

a. Annual payment %

b. Semiannual payments %

c.Quarterly payments %

d. Monthly payments %

Expert Solution

jeff jeffy answered 2 years ago

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