*Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan payable: Cash Payment Interest Expense Reduction of Principal Interest Period Issue date $24,945.28 24,945.28 24,945.28 24,945.28 24,945.28 $5,400.00 4,422.74 3,396.61 2,319.18 1,187.87 519,545.28 20,522.54 21,548.67 22,626.10 23,757.41 Principal Balance $108,000.00 88,454.72 67,932.18 46,383.51 23,757.41 0.00 "(a) Your answer is correct. Is the above schedule a fixed principal plus interest or blended principal and interest payment schedule? Blended principal and interest payment schedule Attempts: 1 of 3 used *(b) 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 Attempts: 0 of 3 used