Problem $7-6($Algo$)$ Notes receivable; solving for unknowns; financial statement effects $[$LO$7-7]$

Cypress Oil Company's December $31,2024,$ balance sheet listed $$938,000$ of notes receivable and $$20,000$ of interest receivable included in current assets. The following notes make up the notes receivable balance:

Note $1$Dated $8/31/2024,$ principal of $$350,000$ and interest at $12\%$ due on $2/28/2025.$Note $2$Dated $6/30/2024,$ principal of $$200,000$ and interest due $3/31/2025.$Note $3$$$400,000$ face value noninterest$-$bearing note dated $9/30/2024,$ due $3/31/2025.$ 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?