Find the interest rate (or rates of return) in each of the following situations. Do not round intermediate calculations. Round your answers to the nearest whole number. You borrow $740 and promise to pay back $814 at the end of 1 year. % You lend $740 and receive a promise to be paid $814 at the end of 1 year. % You borrow $60,000 and promise to pay back $171,156 at the end of 8 years. % You borrow $11,000 and promise to make payments of $3,359.50 at the end of each of the next 5 years. %
Find the interest rate (or rates of return) in each of the following situations. Do not round intermediate calculations. Round your answers to the nearest whole number. You borrow $740 and promise to pay back $814 at the end of 1 year. % You lend $740 and receive a promise to be paid $814 at the end of 1 year. % You borrow $60,000 and promise to pay back $171,156 at the end of 8 years. % You borrow $11,000 and promise to make payments of $3,359.50 at the end of each of the next 5 years. %
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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Give typing answer with explanation and conclusion
Find the interest rate (or
You borrow $740 and promise to pay back $814 at the end of 1 year.
%
You lend $740 and receive a promise to be paid $814 at the end of 1 year.
%
You borrow $60,000 and promise to pay back $171,156 at the end of 8 years.
%
You borrow $11,000 and promise to make payments of $3,359.50 at the end of each of the next 5 years.
%
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