Question: A $100,000 mortgage at 6.2% compounded semiannually with a 25-year amortization requires monthly payments. The mortgage allows the borrower to double up on a payment

A $100,000 mortgage at 6.2% compounded semiannually with a 25-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?

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