On May 15, Criqui Outback 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 $480. Your answer is correct. Determine the amount borrowed by Criqui. (Round intermediate calculation to 6 decimal places, e.g. 1.251241 and final answer to 0 decimal places, e.g. 125.) Amount borrowed by Criqui Assume the amount borrowed was $18,500. What was the interest rate if the amount of interest owed was $555? (Round answer to O decimal places, e.g. 152.)