The following amortization and interest schedule is for the issuance of 10-year bonds by Sarasota Corporation on January 1, 2020, and the subsequent interest payments and charges. The companys year end is December 31 and it prepares its financial statements yearly.

Amortization Schedule
							Amount			Carrying
Year			Cash		Interest		Unamortized			Amount
Jan. 1,	2020						$5,877			$98,123
Dec. 31,	2020		$11,440		$11,775		5,542			98,458
	2021		11,440		11,815		5,167			98,833
	2022		11,440		11,860		4,747			99,253
	2023		11,440		11,910		4,277			99,723
	2024		11,440		11,967		3,750			100,250
	2025		11,440		12,030		3,160			100,840
	2026		11,440		12,101		2,499			101,501
	2027		11,440		12,180		1,759			102,241
	2028		11,440		12,269		930			103,070
	2029		11,440		12,370		0			$104,000

(a)

Determine the stated interest rate and the effective interest rate. (Round answers to 0 decimal places, e.g. 15%.)

Stated Interest Rate		%
Effective Interest Rate		%