Monty Company sells 8% bonds having a maturity value of $3,000,000 for $2,772,550, The bonds are dated January 1,2020 , and mature January 1.2025. Interest is payable annually on January 1. (a) Determine the effective interest rate. (Round arswer to 0 decimal places, ey 18% ) The effective-interest rate Set up a schedule of interest expense and discount amortization under the effective-interest method, (Round intermedlate calculations to 5 decimal ploces, eg. 1.25124 and final answer to 0 decimal places, eg. 38,548.)