On May 15, Marin 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 $540. 125.) Amount borrowed by Marin $ e Textbook and Media List of Accounts Assume the amount borrowed was $16,000. What was the interest rate if the amount of interest owed was $480? (Round intermediate calculations to 6 decimal places, s. 1.251241 and final answer to decimal places, s. 152) Interest Rate e Textbook and Media 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 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.) Date Account Titles and Explanation Debit Credit Initial Borrowing: May 15 Repayment: Sept. 15 eTextbook and Media List of Accounts