On May 15, Whispering Winds 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 10%. At the time the note was due, the amount of interest owed was $1,250. Determine the amount borrowed by Whispering Winds. Principal $enter principle in dollars List of Accounts Assume the amount borrowed was $69,000. What was the interest rate if the amount of interest owed was $1,610? (Round answer to 0 decimal places, e.g. 7%.) Interest Rate enter the interest rate in percentages rounded to 0 decimal places % 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 enter an account title to record the initial borrowing enter a debit amount enter a credit amount enter an account title to record the initial borrowing enter a debit amount enter a credit amount Repayment: Sept. 15 enter an account title to record the repayment enter a debit amount enter a credit amount enter an account title to record the repayment enter a debit amount enter a credit amount enter an account title to record the repayment enter a debit amount enter a credit amount List of Accounts