$14$

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

$10$ poins

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References

$\backslash$table$[[,$Debit,Credit$],[$Interest expense,$17,820,],[$Interest payable,$26,250,17,820],[$Rent expense,,$26,250],[$Prepaid rent,$936,936],[$Interest receivable,,$936],[$Interest revenue,,$]]$

Additional information:

The company borrowed $$396,000$ on March $31,2021.$ Principal and interest are due on March $31,2022.$ This note is the company's only interest bearing debt.

Rent for the year on the company's office space is $$52,500.$ The rent is paid in advance.

On October $31,2021,$ Eldorado lent money to a customer. The customer signed a note with principal and interest at $4\mathrm{.}0\%$ due in one year.

Required:

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

The $2021$ rent payment was made at the beginning of which month? $($Do not round your intermediate calculation.$)$

How much did Eldorado lend its customer on October $31?$

$\backslash$table$[[,],[1.,$Interest rate,$],[2.,$Month of rent payment,$],[3.,$Principal,$]]$