22 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 with each payment is 2000 Interest expense is 56.211 rounded to nearest dollar) from the first payment. Lopez uses the effective interest method of amortization. What is the annual efective rate of interest? b. 3.5 c.6 3.74 e none of the above 22 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 with each payment is 2000 Interest expense is 56.211 rounded to nearest dollar) from the first payment. Lopez uses the effective interest method of amortization. What is the annual efective rate of interest? b. 3.5 c.6 3.74 e none of the above