20 Required information The folowing information applies to the questions displayed below] Wally is employed as an executive with Pay More Incorporated. To entice Wally to work for Pay More, the corporation $12,900 this year if the interest rate on Part 1 of 2 of the year at a simple interest rate of 2.5 percent. Wally would have paid interest of the loan had been set at the prevailing federal interest rate and repaid the $43,000 loan including $1,075 of interest at year-end n Waly used the funds as a down pyment on s speedboat and repaid the $43000 loan (ncluding 51075 of nterest) at year-end Does this loan result in any income to either party, and if so, how much? Pay More C Prev20 21 or 32 Next MacBookA s-11 3 5