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21 Lopez Plastics issued bonds on January 1, 2016. The face value of the bonds is 200,000. The bonds sold for $207,020. Cash paid $7.000

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21 Lopez Plastics issued bonds on January 1, 2016. The face value of the bonds is 200,000. The bonds sold for $207,020. Cash paid $7.000 with each of the 8 payments. Lopez uses the effective interest method of amortization. What is the annual stated rate of interest? a. 3.5 b. 6% c.7% d. 3% e none of the above

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