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Today more states operate some form of no-fault automobile insurance law than tort liability law.
Accounts Payable
Short-term liabilities representing amounts owed to suppliers or creditors for goods and services received.
Non-Interest-Bearing Note
A promissory note with no interest charged on the principal; repaid at its face value at maturity.
Discount on Note Payable
The difference between the face value of a note payable and its issue price when the note is sold for less than its face value, effectively acting as an interest expense over time.
Interest Expense
Money that an entity has to pay over time for the privilege of borrowing funds.
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