John Johnson Company sells 8% bonds having a maturity value of $1,500,000 for $1,386,275.00. The bonds are dated January 1 , 2025, and mature January 1, 2030. Interest is payable annually on January 1. (a) Your answer is correct. Determine the effective-interest rate. (Round present value factor to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 18\%.) The effective-interest rate % Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round intermediate calculations to 5 decimal places. e.q. 1.25124 and final answer to 2 decimal places. e.q. 38.548.25.)