The following instalment payment schedule is for an instalment note payable:

Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance

Jan. 1, 2021 $110,000

Jan. 1, 2022 $25,407 $5,500 $19,907 90,093

Jan. 1, 2023 25,407 4,505 20,902 69,191

Jan. 1, 2024 25,407 3,460 21,947 47,244

Jan. 1, 2025 25,407 2,362 23,045 24,199

Jan. 1, 2026 25,407 1,208 24,199 0

(a)

what is the interest rate on the note