The Colonial Corporation's controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2021:

Journal Entry	Debit	Credit
Interest Expense	1,800
Interest Payable		1,800
Insurance Expense	60,000
Prepaid Insurance		60,000
Interest Receivable	3,000
Interest Revenue		3,000

Additional information:

• The company borrowed $30,000 on June 30, 2021. Principal and interest are due on June 30, 2022. This note is the company's only interest-bearing debt.
• Insurance for the year on the company's office buildings is $90,000. The insurance is paid in advance.
• On August 31, 2021, Colonial lent money to a customer. The customer signed a note with principal and interest at 9% due in one year.

Instructions

Determine the following:

1. What is the interest rate on the company's note payable?
2. The 2021 insurance payment was made at the beginning of which month?
3. How much did Colonial lend its customer on August 31?