Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2024. The notes included:

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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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Practical financial management

ISBN: 978-0324422634

5th Edition

Authors: William r. Lasher

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Posted Date: May 23, 2023 01:49 AM

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Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2024. The notes included:

Question:

Expert Answer:

To calculate the annual interest rate on Note A we need to deter... View the full answer

Practical financial management

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