On May 1, Rapid Speedway borrowed $320,000 cash from National Bank by issuing a 9 percent note payable due in three months.

I have to record the entry for borrowing a three-month loan from National Bank at 9% interest per year.

I thought I knew how to do it because I have had questions similar to this one but it keeps telling me that I am getting it wrong. I would like for someone to explain to me how to record this entry.