Monty Company sells 8% bonds having a maturity value of $3,170,000 for $2,929,660. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Determine the effective-interest rate. (Round answer to O 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.g. 1.25124 and final answer to O decimal places, e.g. 38,548.) Schedule of Discount Amortization Effective-Interest Method Interest Discount Expense Amortized Interest Payable Carrying Amount of Bond: Year $ $ $ $ Jan. 1, 2020 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024