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Sagot :
8.44 years will take the firm to pay off this debt.
What is debt?
Debt is an obligation that forces one party, the debtor, to pay another party, the creditor, money or other agreed-upon value. Debt is a delayed payment or series of payments that differs from an immediate purchase.
Student loans, mortgages, and company loans are examples of "good" debt, which is defined as money due for things that can help develop wealth or boost income over time. "Bad" debt is defined as credit card or other consumer debt that does little to help your financial situation. These are overstatements.
While both words refer to money owed, credit and debt are not synonymous. Debt is money owed, whereas credit is money borrowed.
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