You just purchased a home for $$350,000$ and you made a required down payment of $20\%($$$70,000).$

So you are financing $$280,000$ over $30$ years $(360$ months$)$ at $7\mathrm{.}5\%.$ A$)$ How much are your payments on

the loan? B$)$ Your spouse is a great financial planner and says it would be very prudent to pay an EXTRA

$$200$ per month on the mortgage payments. How many monthly payments will you "knock off" or

reduce your original $360$ payments? How much interest will you save over the life of the loan by making

the extra $$200$ per month payment?