The maturity value of a note is the sum of the principal minus interest due at maturity

William owns a four-unit apartment building for which he receives $500 per month per unit. Three of the units were rented for the entire 12 months. The fourth unit was occupied from January 1 to April 30, 2016. Upon vacating the unit the tenant was not refunded his security deposit of $500 due to damage to the unit. The unit was subsequently rented for 1 year beginning August 1, 2016. On August 1, 2016, the new tenant paid the first and last months' rent and a refundable security deposit of $500. What is William's rental income for 2016?

a. $24,000 b. $23,500 c. $22,500 d. $23,000

___________________ agency is when the actions of the parties lead to an agency being created.

A. Express B. Implied C. General D. Specific