Even though the borrower will likely pay a higher interest rate upon renewal in one year, assume

Question:

Even though the borrower will likely pay a higher interest rate upon renewal in one year, assume for the moment that the interest rate and monthly payment will not change. In each case, how long from the date of the original loan will it take the borrower to reduce the balance owed to the original net amount of the loan?

Fantastic news! We've Found the answer you've been seeking!