Question: A $100,000 mortgage at 6.8% compounded semiannually with a 25-year amortization requires monthly payments. How much will the amortization period be shortened if payments are

A $100,000 mortgage at 6.8% compounded semiannually with a 25-year amortization requires monthly payments. How much will the amortization period be shortened if payments are increased by 10% starting in the second year, and a $10,000 lump payment is made along with the twenty-fourth payment?

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