You just took out a 10-year commercial real estate loan for your business. The loan amount is 5250,000 and the interest rate is 3.5%. How many periods (months) will it take you to pay off $100,000 of the principal of the loan? Round our answer to the closest whole number.

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.