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Data Payment Interest Decrease in Balance Outstanding Balance 1/1/2023 $315,886 6/30/2023 $45,000 $9,477 $35,523 280,363 12/31/2023 $45,000 8,411 36,589 243,773 6/30/2024 $45,000 7,313 37,687 206,087

Data Payment Interest Decrease in Balance Outstanding Balance
1/1/2023 $315,886
6/30/2023 $45,000 $9,477 $35,523 280,363
12/31/2023 $45,000 8,411 36,589 243,773
6/30/2024 $45,000 7,313 37,687 206,087
12/31/2024 $45,000 6,183 38,817 167,267
6/30/2025 $45,000 5,018 39,982 127,287
12/31/2025 $45,000 3,819 41,181 86,106
6/30/2026 $45,000 2,583 42,417 43,689
12/31/2026 $45,000 1,311 43,689 0

A) What is the annual effective interest rate on this debt?

B) Write the journal entry for the interest payment on 6/30/2023.

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