All of the following are true regarding long-term notes payable except: a. The note’s carrying value at any time equals its face value minus any unamortized discount or plus any unamortized premium.

b. Notes payable are usually issued by a single lender.

c. The market rate of interest at the time of issuance determines the periodic cash payment amount.

d. Over the life of the note, the interest expense allocated to each period is computed by multiplying the market rate by the beginning-of-period balance.

e. The equal total payments pattern has changing amounts of both interest and principal.