On December 31, 2023, Crane Bank enters into a debt restructuring agreement with Larkspur Inc., which is now experiencing financial trouble. The bank agrees to restructure a $2.4-million, 10% note receivable issued at par by the following modifications: 1. Reducing the principal obligation from $2.4 million to $2.28 million 2. Extending the maturity date from December 31,2023 , to December 31,2026 3. Reducing the interest rate from 10% to 7% Larkspur pays interest at the end of each year. On January 1, 2027, Larkspur Inc pays $2.28 million in cash to Crane Bank Crane Bank prepares financial statements in accordance with IFRS 9 . There is no evidence of a significant increase in credit risk and 12 -month expected credited losses are calculated at zero. For simplicity, assume that Crane Bank had not recognized any impairment prior to this (although it likely would have done so under the expected loss model). Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF ANANNUITY OF 1. (a) What interest rate should Crane Bank use to calculate the loss on the debt restructuring? Interest rate %