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

Cypress Oil Company's December $31,2024,$ balance sheet listed $$1,042,000$ of notes receivable and $$17,000$ of interest receivable included in current assets. The following notes make up the notes receivable balance:

Note $1$ Dated $\frac{8}{31}\frac{?}{2024},$ principal of $$300,000$ and interest at $10\%$ due on $\frac{2}{28}\frac{?}{2025}.$

Note $2$ Dated $\frac{6}{39}\frac{?}{2924},$ principal of $$350,060$ and interest due $\frac{3}{31}\frac{?}{2025}.$

Note $3$$$40,00$ face value noninterest$-$bearing note dated $\frac{9}{30}\frac{?}{2024},$ due $\frac{3}{31}\frac{?}{2025}.$ 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.

$2$ Determine the explicit interest rate on Note $2.$

$3.$ What is the amount of interest revenue that appears in the company's $2024$ income statement related to these notes?

$\backslash$table$[[1.$ Discount rate,,$\%$