What is the primary difference between bonds payable and notes payable?

• A. Bonds payable do not require interest payments, while notes payable do.
• B. Bonds payable are always secured by collateral, while notes payable are not.
• C. Bonds payable involve multiple lenders, while notes payable typically involve a single lender.
• D. Bonds payable are short-term liabilities, while notes payable are long-term liabilities.

Answer: (C)