Cypress Oil Company's December $31,2024,$ balance sheet listed $$905,000$ of notes receivable and $$22,400$ of interest receivable

included in current assets. The following notes make up the notes receivable balance:

Note $1$ Dated $\frac{8}{31}\frac{?}{2024},$ principal of $$450,000$ and interest at $8\%$ due on $\frac{2}{28}\frac{?}{2025}.$

Note $2$ Dated $6/30/2024,$ principal of $$260,000$ and interest due $3/31/2025.$

Note $3$$$200,000$ face value noninterest$-$bearing note dated $\frac{9}{30}\frac{?}{2024},$ due $\frac{3}{31}\frac{?}{2025}.$ Note was issued in exchange for merchandise.

The company records adjusting entries only at year$-$end. There were no other notes receivable outstanding during $2024.$

Required:

Determine the rate used to discount the noninterest$-$bearing note.

Determine the explicit interest rate on Note $2.$

What is the amount of interest revenue that appears in the company's $2024$ income statement related to these notes?

Answer is complete but not entirely correct.