Your friend tells you he has a very simple trick for taking one-third of the time it takes to repay your mortgage: Use your Christmas bonus to make an extra payment on January 1 of each year (that is, pey your monthly payment on that day twice). Assume that the mortgage has an original term of 30 years and has an APR of 12% If you take out your mortgage on January 1 (so that your first payment is due on February 1), and you make your first extra payment at the end of the first year, in what year will you frish paying your mortgage? b. If you take out your mortgage on July 1 (so that the first payment is on August 1), and you make the extra payment each January in how many months will you bey of your mortgage? e. How will the amount of tme e takes to pay off the loan given this strategy vary with the interest rate on the lon a. if you take out your mortgage on January 1 (so that your first payment issue on February 1), and you make your first extra payment at the end of the first year, in what year wil you fah paying your ma The loan payment is (Round to the nearest cent.) The approximate number of years is (Round to two decimal places.) (Select from the drop-down menu and mund to the integr Because the mortgage wil take about years to pay off this way-which lose to 2/3 of the of 30 years-your and b. If you take out your mortgage on Aly 1 so that the first payment is on August 1), and you make the ore payment each January, in how many months will you pay off your mortgage The approximate number of years in Round to two decimal places.) (Select from the drop-down menu and mund to the nearest integer) Because the mortgage will take about years to pay off this way-which dose to 2/3 of its e. How will the amount of bone takes to pay off the loan given this strategy vary with the interest rate on the The prisopal balance does not matter, so let's assume the balance is $100,000 Begin by computing the monthly payment (Select the best ans) OA. This strategy wil reduce the amount of time to pay off the loan by a greater amount as the interest dec OB. This strategy will increase the amount of time to pay off the san by a greater amount as the interest rate increases OG. This strategy will reduce the amount of time to pay off the loan by a greater amount as the cas OD. This strategy will reduce the amount of Sme to pay off the loan by a smaler amount as the interest rate increa Next