IE $13-1($Static$)$ Based on Brief Exercise $13-5$ Noninterest$-$bearing note; effective interest rate $[$LO$13-2]$

Breathe.com issued $$18,000,000$ of commercial paper on January $1$ on a $7-$month note. Interest was discounted at issuance at a $7\mathrm{.}10\%$ discount rate.

Required:

Calculate the discount on the commercial paper.

Calculate the proceeds from the issuance.

Calculate the effective interest rate on the commercial paper.