Another name for the stated interest rate is: market rate all of these contract rate effective rate Question 22 2 pts On January 1, Mertle Company issues $500,000, 5-year 12% bonds at 96% with interest paid semiannually on June 30 and December 31. How much cash will Mertle receive on January 1 from the bond issuance? $480,000 $60,000 O $500,000 $600,000