An asset acquired by the use of long-term note payable will be always recorded at the face amount of the note if the case is: the note payable precisely requires the payment of a realistic interest rate.
Asset is any object or property that has an economical value. It could be in the form of cash, liquid money or any physical property. The owner of any asset can be an individual or it can even be shared between two or more individuals. Assets are of different categories like: current assets, fixed assets, tangible assets, intangible assets, operating assets, etc.
Interest rate is the price payed for borrowing money from an individual or any financial organization. The interest rate is expressed in the form of annual percentage of the loan outstanding.
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