In our brief case study, we assume the Thomas and Jefferson families have identical mortgages (30-year term, fixed-rate 6% APR, and a loan amount of $175,000). The Thomas family will not pay extra but the Jeffersons will. Follow the steps below prior to your analysis. Required:a. Calculate the mortgage payment (the same for both families).b. Assume that the Thomas's will make only the required mortgage payment. The Jeffersons, however, would like to pay off their loan early. They decide to make the equivalent of an extra payment each year by adding an extra 1/12 of the payment to the required amount. Complete the following calculations to find what they plan to pay each month:- 1. 1/12 of the required monthly payment= 2. By adding this 1/12 to the required payments, the Jeffersons plan to pay $ each month. What is the orignal formula?