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

Bonds payable do not require interest payments, while notes payable require regular interest.

Bonds payable are always secured by collateral, while notes payable are typically unsecured.

Bonds payable involve multiple lenders, while notes payable typically involve a single lender.

Bonds payable are short-term liabilities, while notes payable are classified as long-term liabilities.