Find the interest rates earned on each of the following. Round your answers to the nearest...
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Find the interest rates earned on each of the following. Round your answers to the nearest whole number. a. You borrow $660 and promise to pay back $693 at the end of 1 year. % b. You lend $660 and the borrower promises to pay you $693 at the end of 1 year. % c. You borrow $51,000 and promise to pay back $100,325 at the end of 10 years. % d. You borrow $10,000 and promise to make payments of $2,504.60 at the end of each year for 5 years. % Find the interest rates earned on each of the following. Round your answers to the nearest whole number. a. You borrow $660 and promise to pay back $693 at the end of 1 year. % b. You lend $660 and the borrower promises to pay you $693 at the end of 1 year. % c. You borrow $51,000 and promise to pay back $100,325 at the end of 10 years. % d. You borrow $10,000 and promise to make payments of $2,504.60 at the end of each year for 5 years. %
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Answer aWe use the formula AP1r100n where Afuture value P... View the full answer
Related Book For
Fundamentals of Financial Management
ISBN: 978-0324664553
Concise 6th Edition
Authors: Eugene F. Brigham, Joel F. Houston
Posted Date:
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