Based on the present value of the loan and the relevant interest rate, the time it would take to pay off the debt is 21 years.
First convert the interest rate to a monthly rate:
= 14.28% / 12
= 1.19%
To find the number of months it would take, use the NPER function in Excel as shown in the attachment.
The Number of periods is therefore 252 months.
In years this is:
= 252 / 12
= 21 years
In conclusion, it would take 21 years to pay off.
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