Which of the following statements about installment notes payable is correct? ...
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Accounting
Which of the following statements about installment notes payable is correct?
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| The amount of loan reduction included in each payment decreases as more payments are made. |
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| The interest expense on the installment note decreases as more payments are made. |
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| The amount of interest decreases over the life of the note payable, but the amount of the loan balance stays the same. |
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| The amount of amount of interest included in the payment is not related to the amount owed on the note payable. |
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