How do you solve?

On May 15, Skysong Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $470. (a) V Your answer is correct. Determine the amount borrowed by Skysong. (Round intermediate calculations to 6 decimal places, e.g. 1.251241 and final answer to O decimal places, e.g. 125.) Amount borrowed by Skysong $ 17625Assume the amount borrowed was $18,600. What was the interest rate if the amount of interest owed was $558? (Round intermediate calculations to 6 decimal places, e.g. 1.251241 and final answer to O decimal places, e.g. 152.) Interest Rate 9 %Prepare the entry for the initial borrowing and the repayment for the facts in part (a). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) May15