Does a discounted note payable provide credit without interest? Discuss.

Does a discounted note payable provide credit without interest? Discuss.

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April 25, 2022
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Does a discounted note payable provide credit without interest? Discuss.

Answer and ExplanationSolution by a verified expert

Explanation

A discounted notes payable does not provide credit without interest but rather accounts for it from the proceeds realized when the notes payable are discounted. This implies the amount that arises when the amount of the note's face value is higher than the proceeds of the notes payable.

Answer
No

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