You are in desperate need of cash and turn to your uncle, who has offered to lend you some money. You decide to borrow $1,380 and agree to pay back…

The Student as an Employee
October 18, 2020
Discuss how the nurse manager might use benchmarking to compare the unit with other departments in terms of productivity, budgeting, educational activities, and shared governance.
October 18, 2020

You are in desperate need of cash and turn to your uncle, who has offered to lend you some money. You decide to borrow $1,380 and agree to pay back $1,790 in two years.
What annual interest rate is your uncle charging you? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to two decimal places, e.g. 8.72%.)
Alternatively, you could borrow from your bank that is charging 6.8 percent interest annually. Should you borrow from your uncle or the bank?

 

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