The following instalment payment schedule is for a long-term bank loan payable: Interest Reduction of Interest Period Cash Payment Expense Principal Issue date 1 $25,40723 $5.500 $19.907.23 2 25.407.23 4.50464 20.902.59 3 25,407 23 3.459.51 21.947.72 4 25,40723 2362.12 23.045.11 5 25,407 23 1.209.88 24.197.35 Principal Balance $110,000 90,092.77 69.190.18 47,24246 24.19735 0 (a) Assuming payments are made annually, what is the interest rate on the bank loan? (Round answer to the nearest whole percent, 12%) Interest rate eTextbook and Media List of Accounts