A mortgage payable is a long-term debt that is backed with a security interest in specific property.

Question

Quizplus · Accepted Answer

This is correct. A mortgage payable is a type of long-term debt that is secured by a security interest in a specific property, usually the property being purchased with the loan. This means that if the borrower defaults on the loan, the lender has the right to foreclose on the property and sell it to recoup their losses.

A Mortgage Payable Is a Long-Term Debt That Is Backed