On December 31, 2020, Oriole Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $3,300,000 note receivable by the following modifications: 1. 2. Reducing the principal obligation from $3,300,000 to $2,640,000. Extending the maturity date from December 31, 2020, to January 1, 2024 Reducing the interest rate from 12% to 10%. 3. Barkley pays interest at the end of each year. On January 1, 2024. Barkley Company pays $2,640,000 in cash to Oriole Bank. Answer the following questions related to Oriole Bank (creditor). (a) What interest rate should Oriole Bank use to calculate the loss on the debt restructuring? (Round answer to decimal places, eg. 18%) Interest rate % e Textbook and Media