E$10\mathrm{.}7($LO $2)($Analyze instalment payment schedule.$)$ The following instalment payment schedule is for a long$-$term bank loan payable:Interest PeriodCash PaymentInterest ExpenseReduction of PrincipalPrincipal BalanceIssue date$$100,000\mathrm{.}001$$$23,097\mathrm{.}48$$$5,000\mathrm{.}00$$$18,097\mathrm{.}4881,902\mathrm{.}52223,097\mathrm{.}484,095\mathrm{.}1319,002\mathrm{.}3562,900\mathrm{.}17323,097\mathrm{.}483,145\mathrm{.}0119,952\mathrm{.}4742,947\mathrm{.}70423,097\mathrm{.}482,147\mathrm{.}3820,950\mathrm{.}1021,997\mathrm{.}60523,097\mathrm{.}481,099\mathrm{.}8821,997\mathrm{.}600$InstructionsAssuming payment s are made annually, what is the interest rate on the bank loan?Prepare the journal entry to record the first instalment payment.What are the current and non$-$current portions of the bank loan after the payment at the end of period $2?$