In the case of installment notes, interest expense is calculated as a constant percentage of the carrying value. True or False
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- Notes Receivable with an Effective and Nominal Rate should report interest expense as? Effective Rate x PV of Principal Effective Rate x Principal Nominal Rate x PV of Principal Nominal Rate x PrincipalDefine installment Notes.When interest is calculated on the principal amount borrowed is known as what A. Annuity B. Simple interest C. Compound interest D. All of the above
- What is the principal amount of a note receivable plus the interest due called? promissory value maturity value expected value face valueExplain an example of Short-Term Interest-Bearing Notes.Short-term non-interest-bearing notes receivable are usually recorded at their a. present value b. net realizable value c. principal value d. maturity value
- Add-on Interest is a method of calculating the interest to be paid on a loan by combining the principal amount borrowed and the total interest due into a single figure, then multiplying that figure by the number of periods for repayment. Is it True or False?Under the effective interest method of interest bearing note in lump-sum payment, the interest to be paid is equal to A. the effective (yield) rate of interest multiplied by the face of the note. B. the effective rate multiplied by the beginning of the period carrying amount of the note. C. the stated rate multiplied by the beginning of the period carrying amount of the note. D. the stated (nominal) rate of interest multiplied by the face of the note.Define Short-Term Interest-Bearing Notes.
- Face value of a note payable plus interest is called Omaturity value. O face value. O proceeds. Oprincipal.When the total interest charged is linearly proportional to the initial amount of the loan, the interest rate and the number of interest periods, the interest is said to be a.) Effective b.) Continuous Compounding c.) Simple d.) CompoundingThe amortization of premium on notes receivable isa. deduction from accrued interest receivableb. an addition to interest incomec. an addition to accrued interest receivabled. a deduction from interest income
