Chekhov Company sold $200,000 of bonds on December 31, 2018. A portion of the amortization table appears below.

Period	Cash Payment (Credit)	Interest Expense (Debit)	Discount on Bonds Payable (Credit)	Discount on Bonds Payable Balance (Debit)	Bond Payable Carrying Value (Credit)
At issue				$8,000	$192,000
6/30/2019	$12,000	$12,800	$800	7,200	$192,800
12/31/2019	12,000	12,800	800	6,400	193,600
6/30/2020	?	?	?	?	?

Required:

1. Determine the stated interest rate on these bonds. %