On May 15, Criqui Outback Clothiers borrowed some money on a 5-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 $530.

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.)

Assume the amount borrowed was $13,320. What was the interest rate if the amount of interest owed was $555? (Round answer to 0 decimal places, e.g. 152.)

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.)