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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 $120,000 and interest due 3/31/2019.
Note B: Dated 7/1/2018, principal of $200,000 and interest at 8% annually, due on 4/1/2019.
Frankenstein had accrued a total of $14,400 interest receivable from these notes in its 12/31/2018 balance sheet.
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The annual interest rate on Note A is closest to:
Substrate
A surface or material on or from which an organism lives, grows, or obtains its nourishment; in biochemistry, it's the substance on which an enzyme acts.
Inorganic Substance
A chemical compound that lacks carbon-hydrogen bonds, typical of non-living systems, such as minerals and metals.
Iodide Ions
Negatively charged ions of iodine, essential for thyroid gland function and hormone production.
Calcium Ions
Electrically charged calcium atoms that play a crucial role in various cellular processes including muscle contraction, neurotransmission, and enzyme activity.
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