Question: A $100,000 mortgage at 7.1% compounded semiannually with a 30-year amortization requires monthly payments. How much will the amortization period be shortened if a $10,000

A $100,000 mortgage at 7.1% compounded semiannually with a 30-year amortization requires monthly payments. How much will the amortization period be shortened if a $10,000 lump payment is made along with the twelfth payment and payments are increased by 10% starting in the third year?

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