On May 15, Wild Quest 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 $480.

a.Assume the amount borrowed was $18,400. What was the interest rate if the amount of interest owed was $552? (Round intermediate calculation to 6 decimal places, e.g. 1.251241 and final answer to 0 decimal places, e.g. 152.)

XYour answer is incorrect. Try again. 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 Aocount Titles and Explanation nitial Borrowing May 15 Repayment Sept. 15