Question: A $100,000 mortgage at 6.9% compounded semiannually with a 30-year amortization requires monthly payments. The mortgage allows the borrower to increase the amount of the

A $100,000 mortgage at 6.9% compounded semiannually with a 30-year amortization requires monthly payments. The mortgage allows the borrower to increase the amount of the regular payment by up to 10% once each year. How much will the amortization period be shortened if payments are increased by 10% after the twelfth payment, and by another 10% after Payment 24?

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