A 3\% loan was granted to Simeoni ltd in 202. The princpail amount was $8,030,000 and the term was three years Intereig is pald as the end of each year In addition, the fender chaiged an upfiont fee or $437,334 for evaluating the foan application Simeoni plans to expense this as a financing fee in 202. Management was delighted to get a 3% loan because oher financifinstitutions had bida much higher interest rote for the same terms and secunty. Required: 1 Did Simeoni get a 3\% loan? Criculate the effective interest rote assochated with the loan (Round your answer to the nearest whole percentage.) 2 What is the appiapiate accounting treatment of the upfroot lee? 3. Give the required entries for Simeoni over the life of the loan (if no entry is required for a transaction/event, select "No journ. entry requited" in the first occount field. Round your intermediate calculations and final answers to the nearest whole dollar amount.) Journal entry worksheet Record the A $8,030,0003% ioan granted repayable in three years. interest is paid at the end of each year. In addition, the lender charged an upfront fee of $437,334 for evaluating the loan application. Notes Enter debits Unfore credits. 3. Give the required entries for Simeoni over the life of the loan (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field. Round your intermediate calculations and final answers to the neorest whole dollar amount.) Journal entry worksheet Record the repayment of $8,030,000 loan Note Enter debits before credits