need help with plpgsql execute insert

[developer@xxxxxxxxxxxx]

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