Greely Corporation is a publicly-traded corporation with a calendar year end. For purposes of classifying current assets and current liabilities, it uses a one year period.

1. On January 1, 2016, Greeley Corporation borrowed $1,500,000 cash from First Source Bank by signing a three-year note bearing 4% interest. The bank requires equal annual payments on January 1st of each year. The first payment was due on January 1, 2017.

2. On March 15, 2016, Greeley Corporation borrowed $750,000 cash from JP Morgan Chase Bank by signing a four-year note bearing 3.75% interest. The bank requires equal monthly payments on the 15th of each month. The first payment was due on April 15, 2016.56

3. On June 1, 2016, WTM Corporation borrowed $500,000 cash from Fifth Third Bank by signing a two-year note bearing 3.25% interest. The bank requires bi-monthly payments on the 1st and 15th of each month. The first payment is due on June 15, 2016.

4. On October 1, 2016, WTM Corporation issued an eighteen-month zero-interest bearing note for $200,000 note to Lake City Bank and received $189,223. WTM amortizes the discount at the end of each month using the effective interest rate method.

Required:

1. Compute the required payments for the notes to First Source, JP Morgan Chase, and Fifth Third Bank.

2. Compute the interest rate on the note to Lake City Bank