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Current Attempt in Progress The following instalment payment schedule is for a long-term bank loan payable: Interest Expense Cash Payment Reduction of Principal Interest Period

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Current Attempt in Progress The following instalment payment schedule is for a long-term bank loan payable: Interest Expense Cash Payment Reduction of Principal Interest Period Issue date 1 $16,800 $49,670.99 52,651.25 Principal Balance $280,000 230,329.01 177,677.76 121,867.44 62,708.50 $66,470.99 66,470.99 66,470.99 66,470.99 2 3 13,819.74 10,660.67 7,312.05 3,762.49 4 55,810.32 59,158.94 62,708.50 5 66,470.99 0 (a) Assuming payments are made annually, what is the interest rate on the bank loan? (Round answer to the nearest whole percent, e.g. 12%.) Interest rate %

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