Monty Corporation issued a $62,000,5-year, 5% note to Jernigan Corp. on January 1,2023 , and received a piece of equipment that normally sells for $48,251. The note requires annual interest payments each December 31 . The market interest rate for a note of similar risk is 11%. (a) Using (1) a financial calculator or (2) Excel function Rate, calculate the implicit interest rate. (Round answer to 0 decimal places, e.g. 52\%.) Implicit interest rate %