On May 1, 2012, Mink, Inc. borrowed 10,000 by issuing a 12, ...

[lbcchick]

On May 1, 2012, Mink, Inc. borrowed 10,000 by issuing a 12, 3-month note and another 10,000 by issuing a 12, 6-month note. Interest expense for the month ended May 31, 2012 will be ________.
 
  A) greater on the 3-month note than the 6-month note
  B) greater on the 6-month note than the 3-month note
  C) 200 for both notes combined
  D) 0 for both notes because no interest was paid

Question 2

A check involves three parties. The person who orders the bank to pay a certain amount of money is called the
 a. drawer.
   b. drawee.
   c. payee.
   d. endorser.

[bhavsar]

Answer to Question 1

C

Answer to Question 2

a

[lbcchick]

Thank you

[bhavsar]

Happy to help you