Suppose you want to borrow $235,000 and you find a bank offering a 25-year term for a loan of thatamount, with an APR of 19%. Complete parts (a) and (b) below.

(a) What are your monthlypayments?

The monthlypayment, PMT, required to repay a loan of P dollars paid n times per year over Y years at an annual rate APR is given by the following formula.

(b) Instead of making 12

12 payments peryear, you save enough money to make a 13

13th payment eachyear, of the same amount as your regular monthly payment found in part (a). How long will it take to pay off theloan?

I understand part A but not Part B