A business borrowed $66,000 to be repaid in seven equal annual installments. The promissory note amortization table is as follows:

	PAYMENT	INTEREST	PRINCIPAL	$66,000
1	14,462	7,920	6,542	59,458
2	14,462	7,135	7,327	52,131
3	14,462	6,256	8,206	43,925
4	14,462	5,271	9,191	34,735
5	14,462	4,168	10,294	24,441
6	14,462	2,933	11,529	12,912
7	14,462	1,549	12,912	(0)

a. What is the annual interest rate on this note?

b. Assume the annual payment is $12,000 (all other variables equal, including the interest rate). interest you calculated in part a), How much will be the principal balance owed at the end of the seventh year?

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