2 of 5 View Policies Current Attempt in Progress - / 20 III Splish Brothers Company purchased a machine at a price of $101,200 by signing a note payable, which requires a single payment of $122,452 in 2 years. (a) Assuming annual compounding of interest, what rate of interest is being paid on the loan? Use either a financial calculator or the Excel function Rate to calculate the rate. (Round answer to O decimal places, e.g. 52%.) Rate of interest eTextbook and Media Save for Later % Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above