A $100,000 mortgage at 7.3% compounded semiannually with a 25-year amortization requires monthly payments. The mortgage allows

Question:

A $100,000 mortgage at 7.3% compounded semiannually with a 25-year amortization requires monthly payments. The mortgage allows the borrower to miss a payment once each year. How much will the amortization period be lengthened if the borrower misses the twelfth payment? (The interest that accrues during the twelfth month is converted to principal at the end of the twelfth month.)