compounded annually). If the market interest rate is 8 percent, describe the cash intlows and outflows for each year of each note's life. LOT E14.15 Klamm Company needs to borrow $100,000. It plans to sign an installment note with a 6 percent interest rate and make monthly payments for the next eight years. How much is the monthly payment required? How much of the first month's payment is interest? What is the carrying value of the note at the end of the first month? Required: 34C A. B. C. E