New York City is issuing $500,000,000 of general obligation bonds paying interest on January 1st and July 1st of each year until maturity. The dated date of the issue is May 1, 2020. The first payment will be made on January 1st, 2021. A bondholder purchases the issue at the offering. How many months of interest will the first and second payments cover? a. One month for the first payment; eight months for the second payment b. Two months for the first payment; six months for the second payment c. Six months for the first payment; six months for the second payment d. Eight months for the first payment; six months for the second payment
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