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The following installment payment schedules for a long-term bank loan payable: Interest Period Cesh Payment Interest Expense Reduction of Principal Principal Balance $150,000 1 $33.694.07

The following installment payment schedules for a long-term bank loan payable: Interest Period Cesh Payment Interest Expense Reduction of Principal Principal Balance $150,000 1 $33.694.07 527,694.07 122,205.92 $3.504.10 2 $6,000 4,892.24 3,740.16 33.694.97 28,801.83 3 33.694.07 29,953.94 63.550.19 4 33.694.07 2.542.01 31,152.06 32.398.13 S 33.694.07 1.295.94 32,398.13 (2) Your nawer la correct Aasumine payments are made annually, what is the Interest rate on the bank loan? (Round answer to the nearest whole percent, es 12%) Interest rate

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