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The long-term loan usually has a maturity of 3-10 years although long-term bank loans can stretch out as far as 20 years depending on its purpose.
The current portion of long term debt is the amount of principal that will be due within one year of the date of the balance sheet. To illustrate the current portion of long term debt, let's assume that a company's loans payable are $100,000 of principal. You need to look at the loan repayment schedules and add up the principal amounts that must be paid within one year of the balance sheet date.