ABC Construction Company obtained a mortgage on a commercial property for $1,000,000 for a term of 30 years at 6% compounded monthly. The ABC Company agreed with the lender that in addition to the monthly payments, it will pay down $50,000 in principal beginning at the end of the first year and continue until the entire mortgage is paid off. How long would it take to pay off the entire mortgage and how much interest would the ABC Company save in this arrangement? Any help would be greatly appreciated. Thank you in advance.
