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You just took out a 10 year commercial real estate loan for your business. The loan...

You just took out a 10 year commercial real estate loan for your business. The loan amount is $250,000 and the interest rate is 3.5%. How many periods (months) will it take you to pay off $100,000 of the principal loan? Round your answer to the closest whole number. PLEASE do not attach a blurry image and answer in excel or in a table format with appropriate excel formulas. Please show the formulas used to arrive at your answers!

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Answer #1

Time taken to payoff $100,000 of principal is basically the time when the principal outstanding is $150,000. Based on the amortization table for this loan, the number of months taken to payback this loan, such that outstanding principal is $150,000, is around 53 months.

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