Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2024. The notes included:
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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 $136,000 and interest due 3/31/2025.
Note B: Dated 7/1/2024, principal of $225,000 and interest at 9% annually, due on 4/1/2025
Frankenstein had accrued a total of $16,400 interest receivable from these notes in its 12/31/2024 balance sheet.
What is the annual interest rate on Note A ?
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