Problem
Javier borrows $50,000 from a local bank at an APR of 9%, compounded monthly. His monthly payments amount to $50,000 (A/P, 0.75%, 60) = $1,040 for a 60-month loan. If Javier makes an extra payment on the first month of each year, his repayment duration for the loan will be reduced by how many months?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.