The following instalment payment schedule is for a long-term bank loan payable: Interest Expense Reduction of Principal Principal Balance Interest Period Cash Payment Issue date 1 $58,403.05 $260,000 $10,400 $48,003.05 211.996.95 N 2 58,403.05 8,479.88 49,923.17 162,073.78 3 58,403.05 6,482.95 51.920.10 110,153.68 4 58,403.05 4,406.151 53,996.90 56,156.78 un 5 58.403.05 2,246.27 56,156.78 0 (a) Your answer is correct Assuming payments are made annually. what is the interest rate on the bank loan? (Round answer to the nearest whole percent, es 12%) Interest rate 4 % eTextbook and Media List of Accounts Attempts: 1 of 15 used Question Part Score 1/1 (D) Prepare the journal entry to record the first instalment payment. (Round answers to 2 decimal places, eg. 1.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit I e Textbook and Media List of Accounts Save for later Attempts: 0 of 15 used Submit