A partal amortization schedule for a note payable with interest poid annually that was issued on Janussy 1 , Yoar 1 , is shown next Required: a. What is the annual rate of interest charged on this loan? b. Using the horizontal financlas statements modet record the appropriate amounts for the following two events: (i) Jonuary 1 , Year 1 , issue of the note payable. (2) December 31, Year 1 payment on the note payable. Complete this question by entering your answers in the tabs below. What is the annual rate of interest charged on this loan