The Yankel Corporations controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2021:

General Journal	Debit	Credit
Interest expense	1,980
Interest payable		1,980
Insurance expense	66,000
Prepaid insurance		66,000
Interest receivable	3,960
Interest revenue		3,960

Additional information:

1. The company borrowed $33,000 on June 30, 2021. Principal and interest are due on June 30, 2022. This note is the companys only interest-bearing debt.
2. Insurance for the year on the companys office buildings is $99,000. The insurance is paid in advance.
3. On August 31, 2021, Yankel lent money to a customer. The customer signed a note with principal and interest at 9% due in one year.

Required: 1. What is the interest rate on the companys note payable? 2. The 2021 insurance payment was made at the beginning of which month? 3. How much did Yankel lend its customer on August 31? The principal amount?

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