(Answered) Question 1 when the contract rate is above the market rate

Accounting

Question: 1. When the contract rate is above the market rate, do bonds sell at a premium or a discount? Do purchasers pay more or less than the par value of the bonds?

2. Which of the following is true for an installment note requiring a series of equal total cash payments?

(a) Payments consist of increasing interest and decreasing principal;

(b) payments consist of changing amounts of principal but constant interest; or

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