Question: Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2018. The notes included: Note A: Dated 5/31/2018, principal of $126,000 and

Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2018. The notes included: Note A: Dated 5/31/2018, principal of $126,000 and interest due 3/31/2019. Note B: Dated 7/1/2018, principal of $220,000 and interest at 9% annually, due on 4/1/2019. Frankenstein had accrued a total of $15,400 interest receivable from these notes in its 12/31/2018 balance sheet. The annual interest rate on Note A is closest to:

Multiple Choice

9.00%

7.78%

8.08%

7.48%

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