A $113,000 mortgage at 7.5% compounded semiannually with a 30-year amortization requires monthly payments. The mortgage...

 

Transcribed Image Text:

A $113,000 mortgage at 7.5% compounded semiannually with a 30-year amortization requires monthly payments. The mortgage allows the borrower to "double up" on a payment once each year. How much will the amortization period be shortened if the borrower doubles the tenth payment? (Do not round intermediate calculations and round your answer to the nearest whole number.) No. of months A $113,000 mortgage at 7.5% compounded semiannually with a 30-year amortization requires monthly payments. The mortgage allows the borrower to "double up" on a payment once each year. How much will the amortization period be shortened if the borrower doubles the tenth payment? (Do not round intermediate calculations and round your answer to the nearest whole number.) No. of months