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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The maturity value of a note includes both principal and interest.

To determine

Identify whether the given statement is true or false.

Answer

The given statement “The maturity value of a note includes both principal and interest” is true.

Explanation

Promissory note: Promissory note is the written document to make payment for a particular sum at a definite future date.

The maturity value of the note includes the interest payments and principal value of the note. For example, if the maturity value of the $1,500 note is $1,545, here the principal value of the note is $1,500 and the interest for that note would be $45.

Therefore, according to the above explanation, the given statement “The maturity value of a note includes both principal and interest” is true.

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