Bonita Ltd. issues a six-year, $1,070,902 mortgage note on January 1, 2024, to obtain financing for new equipment. The terms provide for semi-annual instalment payments of $120,825. What is the effective interest rate on the mortgage note payable? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answers to O decimal places, eg. 52%) Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 Semi-annual Annual Effective interest rate % %