Long - Each payment consists of 1. interest on the unpaid...

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Long-Term Notes Payable May be secured by a mortgage that pledges title to specific assets as security for a loan. Typically, the terms require the borrower to make installment payments over the term of the loan.
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Unformatted text preview: Each payment consists of 1. interest on the unpaid balance of the loan and 2. a reduction of loan principal. • Companies initially record mortgage notes payable at face value....
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This note was uploaded on 01/04/2012 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.

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