Required Information Exercise 7-6 (Algo) Notes payable-discount basis LO 2 [The following information applies to the questions displayed below] On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $120,600 on December 31, 2019. The proceeds of the note were $114,000, Exercise 7-6 (Algo) Part b b. Calculate the effective interest rate (APR) on the loan. (Enter your answer as a percentage rounded to 1 decimal place (l.e., 32.1).) Effective interest rate