a. You borrow $700 and promise to pay back $791 at the end of 1 year. 13 % b. You lend $700, and the borrower promises to pay you $791 at the end of 1 year. 13 % c. You borrow $67,000 and promise to pay back $260,180 at the end of 13 years. d. You borrow $16,000 and promise to make payments of $5,001.00 at the end of each year for 5 years.
a. You borrow $700 and promise to pay back $791 at the end of 1 year. 13 % b. You lend $700, and the borrower promises to pay you $791 at the end of 1 year. 13 % c. You borrow $67,000 and promise to pay back $260,180 at the end of 13 years. d. You borrow $16,000 and promise to make payments of $5,001.00 at the end of each year for 5 years.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Find the interest rates earned on each of the following. Round your answers to the nearest whole number.
a. You borrow $700 and promise to pay back $791 at the end of 1 year.
13 %
b. You lend $700, and the borrower promises to pay you $791 at the end of 1 year.
13 %
c. You borrow $67,000 and promise to pay back $260,180 at the end of 13 years.
d. You borrow $16,000 and promise to make payments of $5,001.00 at the end of each year for 5 years.
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