The following instalment payment schedule is for a long$-$term bank loan payable:Interest PeriodCash Payment Interest Expense Reduction of PrincipalPrincipal BalanceIssue date$$290,000\mathrm{.}001$$$65,141\mathrm{.}86$$$11,600\mathrm{.}00$$$53,541\mathrm{.}86236,458\mathrm{.}14265,141\mathrm{.}869,458\mathrm{.}3355,683\mathrm{.}53180,774\mathrm{.}61365,141\mathrm{.}867,230\mathrm{.}9857,910\mathrm{.}88122,863\mathrm{.}73465,141\mathrm{.}864,914\mathrm{.}5560,227\mathrm{.}3162,636\mathrm{.}42565,141\mathrm{.}862,505\mathrm{.}4462,636\mathrm{.}420\mathrm{.}00($a$)$Assuming payments are made annually, what is the interest rate on the bank loan? $($Round answer to $0$ decimal places, e$.$g$.12\%.)$Interest rate$\%($b$)$Prepare the journal entry to record the first instalment payment. $($Round answers to $2$ decimal places, e$.$g$.1\mathrm{.}25.$ Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$Account TitlesDebitCredit