A $100,000 mortgage at 6.8% compounded semiannually with a 30-year amortization requires monthly payments. The mortgage allows the mortgagor to "double up"on a payment once each year. How much will the amortization period be shortened if the borrower doubles the eighth payment?

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The Answer of A $100,000 mortgage at 6.8% compounded semiannually with a 30-year amortization requires monthly payments. The mortgage allows the mortgagor to "double up"on a payment once each year. How much will the amortization period be shortened if the borrower doubles the eighth payment?

A $100,000 Mortgage at 6