Regarding a non-current liability, which of the following statements is correct? Select the one correct answer: O For instalment loans, monthly interest expense increases and the loan payable decreases over time. o If the effective interest rate is lower than the contact rate, the bond payable is credited. O If the market rate is higher than the contract rate, the bond is issued at a discount The bond interest expense can be calculated from the face value of the bond when the market rate does not equal the contract rate