The Eldorado Corporation's controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December $31,2016$:

$\backslash$table$[[,\backslash$table$[[$Debit$],[$Interest expense$]],$Credit$],[$Interest payable,$7,200,7,200],[$Rent expense,$35,000,],[\backslash$table$[[$Prepaid rent$],[$Interest receivable$]],500,35,000],[$Interest revenue,,$],[$Adon$,,]]$

Additional information:

The company borrowed $$120,000$ on March $31,2016.$ Principal and interest are due on March $31,2017.$ This note is the company's only interest$-$bearing debt.

Rent for the year on the company"s office space is $$60,000.$ The rent is paid in advance.

On October $31,2016,$ Eldorado lent money to a customer. The customer signed a note with principal and interest at $6\%$ due in one year.

Required:

Determine the following:

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

$2.$ The $2016$ rent payment was made at the beginning of which month?

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

The Mazzanti Wholesale Food Company's fiscal year$-$end is June