Find the interest rates earned on each of the following. Round your answers to the nearest...

Find the interest rates earned on each of the following. Round your answers to the nearest whole number.

1. You borrow $700 and promise to pay back $798 at the end of 8 year.

-------%

2. You lend $700 and the borrower promises to pay you $798 at the end of 8 year.

-------%

3. You borrow $71,000 and promise to pay back $182,127 at the end of 6 years.

-------%

4. You borrow $15,000 and promise to make payments of $4,058.60 at the end of each year for 5 years.

--------%

Can you explain, the steps...how to solve the formula ?

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Expert Solution

jeff jeffy answered 1 year ago

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