A borrower is making a choice between a mortgage with monthly payments or biweekly payments. The loan will be $$230,000$ at $6$ percent interest for $20$ years.

Required:

What would be the maturity period if payments are bi$-$weekly? How much will the borrower pay in total under each payment option? Which choice would be less costly to the borrower? Hint: Assume $26$ total bi$-$weekly payments per year for the maturity period.

Assume a $5\mathrm{.}75\%$ interest rate. What would be the maturity period if payments are bi$-$weekly? How much will the borrower pay in total under each payment option? Which choice would be less costly for the borrower?