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Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2021. The...

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Accounting

Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2021. The notes included:

Note A: Dated 5/31/2021, principal of $128,000 and interest due 3/31/2022.

Note B: Dated 7/1/2021, principal of $215,000 and interest at 9% annually, due on 4/1/2022.

Frankenstein had accrued a total of $15,600 interest receivable from these notes in its 12/31/2021 balance sheet.

The annual interest rate on Note A is closest to:

A) 8.54%

B) 7.94%

C) 9.00%

D) 8.24%

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