Problem
A 30-year mortgage for $120,000 has been issued. The interest rate is 10%, and payments are made monthly. Calculate the monthly payment for principal and interest. If an extra $50 principal payment is made at the end of month 1 and this extra amount increases by 1% per month, how soon is the mortgage paid off?
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.