A partial amortization schedule for a five-year note payable that Puro Co. issued on January 1, 2010, is shown here:
Accounting
Period Principal
Balance January 1 Cash
Payment Applied to
Interest Applied to
Principal
2010 $100,000 $25,046 $8,000 $17,046
2011 82,954 25,046 6,636 18,410
3.value:
1.66 points
What rate of interest is Puro Co. paying on the note?