On May 15, Metlock 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 $550. Determine the amount borrowed by Metlock. (Round Intermediate calculations to 6 decimal places, e.g. 1.251241 and final answer to o decimal places, e.g. 125.) Amount borrowed by Metlock Assume the amount borrowed was $14,400. What was the interest rate if the amount of interest owed was $5287 (Round intermediate calculations to 6 decimal places, e.g. 1.251241 and final answer to decimal places, e.g. 152.) Interest Rate 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.) Debit Credit Date Account Titles and Explanation Initial Borrowing: May 15 Repayment: Sept. 15