A borrower is making a cholce between a mortgage with monthly payments or blweekly payments. The loan will be $$224,000$ at $6$ percent Interest for $20$ years.

Required:

a$.$ hat would be the maturity perlod if payments are bl$-$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 bl$-$weekly payments per year for the maturity perlod.

b$.$ Assume that the bl$-$weekly loan was avallable for $5\mathrm{.}75\%.$ What would be the maturlty perlod if payments are bt$-$weekly? How much will the borrower pay In total under each payment option? Which cholce would be less costly for the borrower?