A $120,000 mortgage with an interest rate of 4.9 percent compounded semi-annually has a monthly payment...
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A $120,000 mortgage with an interest rate of 4.9 percent compounded semi-annually has a monthly payment of $700.13 for 21.0 years. Calculate the number of years to pay off the mortgage if payments are made on an accelerated biweekly basis instead of monthly. It will require 21.0 years to pay off the mortgage if payments are made on an accelerated biweekly basis. (Round to one decimal place.) A $120,000 mortgage with an interest rate of 4.9 percent compounded semi-annually has a monthly payment of $700.13 for 21.0 years. Calculate the number of years to pay off the mortgage if payments are made on an accelerated biweekly basis instead of monthly. It will require 21.0 years to pay off the mortgage if payments are made on an accelerated biweekly basis. (Round to one decimal place.)
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QUESTION 1 It will require 211years to pay off the mortgage if p... View the full answer
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
Posted Date:
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