A borrower is making a choice between a mortgage with monthly payments or biweekly payments. The loan will be $$206$;$000$ at $6$ percent interest for $20$ years.

Required:

a$.$ hat 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.

b$.$ Assume that the bi$-$weekly loan was available for $5\mathrm{.}75\%.$ 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?

Complete this question by entering your answers in the tabs below.

hat 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.

Note: $($Do not round intermediate calculations. Round your final answers to $2$ decimal places.$)$

$\backslash$table$[[$Maturity period,,Years$],[$Total monthly payments,,,$],[$Total bi$-$weekly payments,,,$],[$Choice of borrower,,,$]]$