Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2021. LPC's accountant has projected the following amortization schedule from issuance until maturity: Cash interest Effective interest Decrease in balance $789 00 837 Date 1/1/2021 6/30/2021 12/31/2021 6/30/2022 12/31/2022 6/30/2023 12/31/2023 6/30/2024 12/31/2024 $7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 $6,211 6,187 6,163 6,137 6,112 6,085 6,057 6,029 Outstanding balance $207,020 206,230 205,417 204,580 203,717 202,829 201, 913 200,971 200,000 863 888 915 943 971 What is the annual stated interest rate on the bonds? o o o o None of the answer choices is correct