$On$ June $30,2024,$ the Esquire Company sold merchandise $to$ a customer and accepted a noninterest$-$bearing note $in$ exchange. The note requires payment $of$ $$24,000on$ March $31,2025.$ The fair value $of$ the merchandise exchanged $is$ $$22,380.$ Esquire views the financing component $of$ this contract $as$ significant.

Required:

Prepare journal entries $to$ record the sale $of$ merchandise $(omit$ any entry that might $be$ required for the cost $of$ the goods sold$),$ any December $31,2024$ interest accrual, and the March $31,2025$ collection.

What $is$ the effective interest rate $on$ the note?