Question: Please explain how I would get this, thanks! EFFECTIVE RATE OF INTEREST Find the interest rates earned on each of the following. Round each answer

Please explain how I would get this, thanks!

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 $676 at the end of 1 year. b. You lend $650 and the borrower promises to pay you $676 at the end of 1 year. c. You borrow $65,000 and promise to pay back $134,951 at the end of 7 years. d. You borrow $15,000 and promise to make payments of $4,058.60 at the end of each year for 5 years

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