On January 1,2013,Thames Company purchases property and signs a 6-year mortgage note $60,000 at 4%.Please see the partial amortization schedule below. 
- At the end of 2013,what amount would be shown on the balance sheet for mortgage payable (excluding the current portion) ?
Definitions:
Non-Interest-Bearing
Refers to financial instruments or accounts that do not yield interest over time, such as some checking accounts.
Discounted
The practice of reducing the selling price of goods or services, often to encourage sales.
Discount Method
A financial strategy where the interest and financing charges are calculated at the time of the sale and deducted from the principal before the loan is disbursed.
Actual Interest Rate
The real rate of interest earned or paid on an investment, loan, or savings, taking into account compounding and fees.
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