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What is the stated annual rate of interest on the bonds

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Question - DeKay Dental Supplies issued $10,000 of 20-year bonds on January 1, 2021. The bonds pay Interest semiannually. This is a partial bond amortization schedule for the bonds.

Payment

Cash

Effective interest

Increase in balance

Outstanding balance

 

 

 

 

9,080

1

400

409

9

9,089

2

400

409

9

9,098

3

400

409

9

9,107

4

400

410

10

9,117

Required - What is the stated annual rate of Interest on the bonds?

Reference no: EM133109533

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