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FinanceQ&A LibraryFind the interest rate (or rates of return) in each of the following situations. You borrow $700 and promise to pay back $749 at the end of 1 year. You lend $700 and receive a promise to be paid $749 at the end of 1 year. You borrow $85,000 and promise to pay back $201,229 at the end of 10 years. You borrow $9,000 and promise to make payments of $2,684.80 at the end of each of the next 5 years.Start your trial now! First week only $4.99!*arrow_forward*

Question

Find the interest rate (or rates of return) in each of the following situations.

- You
*borrow*$700 and promise to pay back $749 at the end of 1 year. - You
*lend*$700 and receive a promise to be paid $749 at the end of 1 year. - You borrow $85,000 and promise to pay back $201,229 at the end of 10 years.
- You borrow $9,000 and promise to make payments of $2,684.80 at the end of each of the next 5 years.

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