Question: PLEASE DO NOT FORGET TO ROUND TO TWO DECIMAL PLACES. IT COUNTS IT WRONG IF I DO NOT ROUND TO TWO DECIMAL PLACES Problem 5-12

PLEASE DO NOT FORGET TO ROUND TO TWO DECIMAL PLACES. IT COUNTS IT WRONG IF I DO NOT ROUND TO TWO DECIMAL PLACES

Problem 5-12 Effective rate of interest Find the interest rates earned on each of the following. Round each answer to two decimal places. a. You borrow $650 and promise to pay back $754 at the end of 1 year. b. You lend $650 and the borrower promises to pay you $754 at the end of 1 year. C. You borrow $57,000 and promise to pay back $161,095 at the end of 7 years. d. You borrow $9,000 and promise to make payments of $2,684.80 at the end of each year for 5 years

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