A property development company obtained a $2.5 million loan to construct a commercial building. The interest rate on the loan is 10% compounded semiannually. The lender granted a period of deferral until rental revenues become established. The first quarterly payment of $100,000 is required 21 months after the date of the loan. How long after the date of the original loan will the last payment be made?

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The Answer of A property development company obtained a $2.5 million loan to construct a commercial building. The interest rate on the loan is 10% compounded semiannually. The lender granted a period of deferral until rental revenues become established. The first quarterly payment of $100,000 is required 21 months after the date of the loan. How long after the date of the original loan will the last payment be made?

A Property Development Company Obtained a $2