Sage Company sells 8% bonds having a maturity value of $2,840,000 for $2,624,680. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Determine the effective-interest rate. (Round answer to decimal places, eg. 18%.) The effective-interest rate % % e Textbook and Media Set up a schedule of interest expense and discount amortization under the effective interest method. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to decimal places, e.g. 38,548.) Schedule of Discount Amortization Effective-Interest Method Interest Payable Interest Expense Discount Amortized Carrying Amount of Boi Year Jan. 1. 2020 $ $ $ Dec. 31, 2020 Dec. 31. 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31. 2024