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What interest rates are implied by the following lending arrangements?
What interest rates are implied by the following lending arrangements?
1. You borrow $490 and repay $514.50 in one year. Round the answer to the nearest whole percentage. Do not round your intermediate calculations.
2. You lend $1,830 and are repaid $1,903.93 in two years. Round the answer to the nearest whole percentage. Do not round your intermediate calculations.
3. You lend $770 and are repaid $1,144.18 in five years with quarterly compounding. Round the answer to the nearest whole percentage. Do not round your intermediate calculations. (Note: Be sure to give your answer as the annual nominal rate.)
4. You borrow $12,300 and repay $21,022.42 in three years under monthly compounding. Round the answer to the nearest whole percentage. Do not round your intermediate calculations. (Note: Be sure to give your answer as the annual nominal rate.)
