The following instalment payment schedule is for a long-term bank loan payable: Assuming payments are made annually, what is the interest rate on the bank loan? (Round answer to the nearest whole percent, e.g. 12\%.) Interestrate % Prepare the journal entry to record the first instalment payment. (Round answers to 2 decimal places, es. 1.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually, List all debit entries before credit entries.)