need help with plpgsql execute insert

I am trying to loop through some data and then run insert some of the
resulting data into a new table. I can create the function but when I run
it i get the error:

ERROR: query "SELECT 'INSERT INTO payment (
id,amount,accepted_date, company_id , date ,
patient_responsible_party_id , patient_contact_responsible_party_id ,
insurer_network_responsible_party_id, type, status)
values (%,%,%,%,%,%,%,%,%,%)', $1 , 0.0, $2 , $3 , $4 , $5 , $6
, $7 , 'Other', 'ACCEPTED'" returned 11 columns
SQL state: 42601
Context: PL/pgSQL function "add_missing_slrps" line 20 at execute statement

I don't understand what the "returned 11 columns" means. I am inserting
10 and i counted and it all matches.

Here is my function i deleted some of the sql. The EXECUTE 'INSERT INTO
is where the errors starts

CREATE OR REPLACE FUNCTION add_missing_slrps() RETURNS integer AS $$
DECLARE
data RECORD;
paymentId int;
BEGIN
RAISE NOTICE 'Start loop...';

FOR data IN select slra.company_id, slra.create_date,
slra.service_line_responsibility_id,
slr.insurance_policy_responsible_party_id,
slr.patient_responsible_party_id,
slr.patient_contact_responsible_party_id,
insurer_service_center.insurer_network_id
from
.
.
.
.
.
.
.
.
.
LOOP
-- Now "data" has one record
EXECUTE 'select nextval(''seq_payment'') ' into paymentId;

EXECUTE 'INSERT INTO payment (
id,amount,accepted_date, company_id , date ,
patient_responsible_party_id patient_contact_responsible_party_id ,
insurer_network_responsible_party_id, type, status)
values (%,%,%,%,%,%,%,%,%,%)', paymentId, 0.0, data.create_date ,
data.company_id, data.create_date , data.patient_responsible_party_id ,
data.patient_contact_responsible_party_id , data.insurer_network_id,
'Other', 'ACCEPTED';

END LOOP;

RAISE NOTICE 'Done loop .';
RETURN 1;
END;
$$ LANGUAGE plpgsql;
select add_missing_slrps() ;

I assumed using the '%' symbol will automatically use the real value.
Like if it is a date it will handle it like a java prepared statement. Am
I wrong?

I have tried all kinds of things but I truly have no idea what the problem
is.
thanks