On May 15. Pronghorn 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 rate was due, the amount of interest owed was $1.250 Determine the amount borrowed by Pronghom Principal 5 List of Accounts Assume the amount borrowed was $63.000. What was the interest rate if the amount of interest owed was $840 Round answer to decimal places, 68.7%) Interest Rate List of Accounts Prepare the entry for the initial borrowing and the repayment for the facts in part (a). (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Date Account Titles and explanation Debit Credit Initial Borrowing May 15 Repayment: Sept. 15