1 a) Oppenheimer Bank is offering a 30-year mortgage with an APR of 4.8% based on monthly compounding. With this mortgage your monthly payments would be $1,960 per month. Inaddition, Oppenheimer Bank offers you the followingdeal: Instead of making the monthly payment of $1,960 everymonth, you can make half the payment every two weeks(so that you will make 52/2=26 payments peryear). With thisplan, how long will it take to pay off the mortgage if the EAR of the loan isunchanged?

The number of payments will be _______, which is approximately ________ years.