Word problem 18-17 [LU 18-1 (2)] You can save a significant amount of mortgage Interest paid if you make one additional principal and Interest payment a year. This will reduce a 30-year mortgage by around 6 years. It also increases your equity in the home faster. If you choose to pay one additional mortgage payment a year by paying 1/12 of It each month (make certain to note the extra money is to reduce principal), how much will you pay each month for a mortgage of $160,000 at 4% for 24 years? (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Monthly payment