On July 18, a firm received from one of its customers, Algo Rythym, a written promise to pay the firm $1,200, at 12% interest, on September 17, for merchandise that Algo had purchased from the firm. Which of the following statements is true?
A. Algo is the payee of the note
B. the firm is the maker of the note
C. the firm is the endorser of the note
D. Algo is the maker of the note
Answer:D
On July 18, a firm received from one of its customers, Algo Rythym, a written promise to pay the firm $1,200, at 12% interest, on September 17, for merchandise that Algo had purchased from the firm. Which of the following statements is true?
A. Algo is the payee of the note B. the firm is the maker of the note C. the firm is the endorser of the note D. Algo is the maker of the note