A portion of a bond amortization schedule for bonds issued January 1, 2021, is given below. The face amount of the bonds is $100,000.

Date	Cash Interest	Effective Interest	Premium Amortization	Carrying Amount of Bonds
1/1/2021				$104,212
12/31/2021	$7,000	$6,253	$747	103,465
12/31/2022	7,000	6,208	792	102,673
12/31/202 3	7,000	6,160	840	101,833

What is the market rate on the bonds?

Group of answer choices

6%

12%

7%

14%