A $100,000 mortgage at 6.9% compounded semiannually with a 25-year amortization requires monthly payments. The mortgage entitles the borrower to increase the regular payment by up to 10% once each year. How much will the amortization period be shortened if, after the 12^th payment, the payments are increased by:
a) 7.5%?
b) 15%?

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The Answer of A $100,000 mortgage at 6.9% compounded semiannually with a 25-year amortization requires monthly payments. The mortgage entitles the borrower to increase the regular payment by up to 10% once each year. How much will the amortization period be shortened if, after the 12^th payment, the payments are increased by: a) 7.5%? b) 15%?

A $100,000 Mortgage at 6