Characteristics of Bonds Payable Long-term debt -repayable 10, 20, or 30 years after date of issuance ssued in face(principal) amounts of $1,000, or multiples of $1,000. Contract interest rate is fixed for term (life)of the bond Face amount of bond repayable at maturity date c13-9C13 - 9 Characteristics of Bonds Payable Long-term debt – repayable 10, 20, or 30 years after date of issuance. Issued in face (principal) amounts of $1,000, or multiples of $1,000. Contract interest rate is fixed for term (life) of the bond. Face amount of bond repayable at maturity date