You can save a significant amount of mortgage interest paid if you make one additionai principal and interest payment a yeat. 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 $156,000 at 5.5% for 20 years? (Do not round intermediate calculations. Round your answer to 2 decimal places.)