C.S. Blossom Company had the following transactions involving notes payable.

July 1, 2022 Borrows $32,000 from First National Bank by signing a 9-month, 8% note

Apr. 1, 2023 Pays principal and interest to First National Bank.

Prepare journal entries for the transaction.

I think Account titles should be Interest expense (Debit), Interest payable (debit), Notes payable (debit) and cash (Credit). Please show me how to calculate INTERREST PAYABLE?

I know how to calculate Interest expense = 3500$ * 6% * 1/12 = 175, but I do not know how to calculate Interest Payable. Thanks