Brief Exercise 13-5 (Algo) Noninterest-bearing note; effective interest rate [LO13-2] Life.com issued $20 million of commercial paper on April 1 on a nine-month note. Interest was discounted at issuance at a 11% discount rate. 1. Calculate the discount on the commercial paper. 2. Calculate the effective interest rate on the commercial paper Complete this question by entering your answers in the tabs below. Discount Effective Rate Calculate the discount on the commercial paper. Note: Enter your answers in whole dollars Principal Annual Rate Time Calculation of discount $ 20,000,000 % Discount