1.What is the yearly payment amount require for Note Payable (assume its an installment note)?

2. What is the interest rate on the Note Payable?

JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT

DATE DESCRIPTION POST. REF.DEBIT CREDIT 1 Jun. 30 Interest Expense 18,427.00 Premium on Bonds Payable 2,948.00 2 3 Cash 21,375.00 Interest Expense 4 30 41,560.00 Discount on Bonds Payable 6,560.00 35,000.00 6 Cash 7 30 Bonds Payable 2,000,000.00 Gain on Redemption of Bonds 41,000.00 Discount on Bonds Payable 9 65,600.00 Cash 10 1,893,400.00 11Sep. 30Interest Expense 67,500.00 Interest Payable 12 22,500.00 Notes Payable 13 342,887.00 Cash 14 432,887.00 15Dec. 31 Interest Expense 17,357.00 Interest Payable 16 17,357.00 Interest Expense 1731 18,427.00 Premium on Bonds Payable 2,948.00 18 Cash 19 21,375.00 Income Summary 163,271.00 2031 Interest Expense 163,271.00 21 Bonds Payable 2231 475,000.00 Premium on Bonds Payable 23 23,584.00 Loss on Redemption of Bonds 24 20,600.00 Cash 519,184.00 25