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Bonds Issued at a Discount To illustrate amortization of a discount under the effective-interest method, Evermaster Corporation issued $100,000 of 8 percent term bonds on January 1, 2014, due on January 1,2019, with interest payable each July 1 and January 1. Because the investors required an effective interest rate of 10 percent, they paid $92,278 for the $100,000 of bonds, creat- ing a $7.722 discount. Evermaster computes the $7.722 discount as follows