The interest rate for the first five years of a $120,000 mortgage is 7% compounded semiannually. Monthly payments are based on a 25-year amortization. If

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The interest rate for the first five years of a $120,000 mortgage is 7% compounded semiannually. Monthly payments are based on a 25-year amortization. If a $5000 prepayment is made at the end of the second year:
a. How much will the amortization period be shortened?
b. What will be the principal balance at the end of the five-year term?

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