1. i) Oppenheimer Bank is offering a 30 year mortgage with an APR of 5.22 % based on monthly compounding. With this mortgage your monthly payments would be $1,972 per month. Inaddition, Oppenheimer Bank offers you the followingdeal: Instead of making the monthly payment of $1,972 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?

ii) Oppenheimer Bank is offering a 30 year mortgage with an APR of 5.15% based on monthly compounding. With this mortgage your monthly payments would be $2016 per month. Inaddition, Oppenheimer Bank offers you the followingdeal: Instead of making the monthly payment of $2,016 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?