Calculate the original amount of debt borrowed

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Reference no: EM133638074

Question

If someone originally had a loan with a monthly payment of $500 and a term of 36 months at an annual interest rate of 10%, approximately how many months would it take them to fully repay the loan if they increased their monthly payment to $793?

Hint: calculate the original amount of debt borrowed and then calculate the earlier payoff.

Reference no: EM133638074

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