Stacy Company issued five-year, 12% bonds with a face value of $15,000 on January 1, 2016. Interest is paid annually on December 31. The market rate of interest on this date is 13%, and Stacy Company receives proceeds of $14,472 on the bond issuance. I need to figure out the interest expense of 13% for each of the 5 years. I think this is an effective interest rate problem, but I don't know what that is or how to find it.