The following instalment payment schedule is for a long-term instalment note payable: Period Cash Payment Interest Expense Reduction of Principal Principal Balance $150,000 1 $32,287 $3,750.00 $28,537.03 $121,462.97 2 $32,287 $3,036.57 $29,250.45 $92,212.52 3 $32,287 $2,305.31 $ 29,981.72 $62,230.80 $32,287 $1,555.77 $30,731.26 $31,499.54 5 $32,287 $787.491 $31,499.54 $0.00 Instructions (a) What is the interest rate on the note? (b) Prepare the journal entry to record the first instalment payment. (c) What are the current and non-current portions of the note at the end of period 1? 4