Asked by Derek Lehan on May 28, 2024
Verified
A long-term note that pledges title to specific property as security for a loan is known as a mortgage payable.
Mortgage Payable
A long-term liability reflecting the amount of money borrowed to purchase property, to be repaid over a set period with interest.
Specific Property
A clearly identified piece of property, which can be real or personal, distinguished from all other properties.
- Identify the differences among several debt instruments, including debenture bonds, mortgage obligations, and promissory notes.
Verified Answer
HK
Hunter KariusJun 04, 2024
Final Answer :
True
Explanation :
A mortgage payable is a long-term note that pledges title to specific property as security for a loan.
Learning Objectives
- Identify the differences among several debt instruments, including debenture bonds, mortgage obligations, and promissory notes.