Notes payable-discount basis on August 1, 2016, Colombo CO's treasurer signed a note promising to pay 480,000 on December 31, 2016. The proceeds of the note were 456,000. Calculate the discount rate used by the lender, b. calculate the effective interest rate (APR) on the loan, c. use the horizontal model to show the effects of 1. signing the note and the receipt of the cash proceeds on August 1, 2016, 2. Recording the interest expense for the month of September, 3. Repaying the note on December 31, 2016