The Yankel Corporation$$s controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December $31,2024$:

General Journal Debit Credit

Interest expense $2,400$

Interest payable $2,400$

Insurance expense $80,000$

Prepaid insurance $80,000$

Interest receivable $4,800$

Interest revenue $4,800$

Additional information:

The company borrowed $$40,000$ on June $30,2024.$ Principal and interest are due on June $30,2025.$ This note is the company$$s only interest$-$bearing debt.

Insurance for the year on the company$$s office buildings is $$120,000.$ The insurance is paid in advance.

On August $31,2024,$ Yankel lent money to a customer. The customer signed a note with principal and interest at $9\%$ due in one year.

Required:

What is the interest rate on the company$$s note payable?

The $2024$ insurance payment was made at the beginning of which month?

How much did Yankel lend its customer on August $31?$