on july 18, jerry pope signed a note when he borrowed $1,200 at 12 percent for 30 days from second national…

on july 18, jerry pope signed a note when he borrowed $1,200 at 12 percent for 30 days from second national bank. in this situation: \no pope is the payee of the note \no pope is the maker of the note \no pope is the principal of the note \no the bank is the maker of the note \no the bank is the endorser of the note

on july 18, jerry pope signed a note when he borrowed $1,200 at 12 percent for 30 days from second national bank. in this situation: \no pope is the payee of the note \no pope is the maker of the note \no pope is the principal of the note \no the bank is the maker of the note \no the bank is the endorser of the note

Answer

Brief Explanations:

In a promissory - note transaction, the person who borrows money and signs the note is the maker of the note. Jerry Pope borrowed money and signed the note, so he is the maker. The payee is the one who will receive the payment (the bank here). The principal is the amount borrowed ($1,200). The bank is not the maker or endorser in this context.

Answer:

Pope is the maker of the note