A partial amortization schedule for a note payable with interest paid annually that was issued on January 1, Year 1, is shown next: Required: a. What is the annual rate of interest charged on this loan? b. Using the horizontal financial statements model, record the appropriate amounts for the following two events: (1) January 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