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Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2024. The notes included: - Note A: Dated 5/31/2024, principal of $138,000
Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2024. The notes included: - Note A: Dated 5/31/2024, principal of $138,000 and interest due 3/31/2025. - Note B: Dated 7/1/2024, principal of $230,000 and interest at 9% annually, due on 4/1/2025. Frankenstein had accrued a total of $16,600 interest receivable from these notes in its 12/31/2024 balance sheet. The annual interest rate on Note A is closest to: Multiple Choice 8.36% 8.06% 9.00% 776%
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