E$10\mathrm{.}7($LO $2)($Analyze instalment payment schedule.$)$ The following instalment payment schedule is for a long$-$term bank loan payable:

InstructionsAssuming payments 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 $2?$