Neville Longbottom Co. issued callable bonds on January 1, 2021. The following is an amortization schedule for the bonds: o Cash interest Effective interest Decrease in balance 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 $ 789 813 837 863 888 915 943 971 Neville Lon following is an amortization schedule for the bonds: Cash interest Effective interest Decrease in balance 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 $789 813 837 863 888 915 943 971 What is the annual stated interest rate on the bonds