Mark decides to ask Chris about a smart loan he heard about from a friend. A smart loan works as follows: Every two weeks a mortgage payment is made that is exactly one half of the traditional monthly mortgage payment. Chris informs him that the bank does have smart loans. The APR of smart loan would be the same as the APR of the traditional loans. Mark nods his head. He then asks whether this is the best mortgage option available to him in order to save interest payments

Assume

the

Storys

get

paid

biweekly

and

are

really

interested

in

the

smart

loans.

How

long

would

it

take

to

pay

off

the

4

traditional

mortgages

if

they

choose

the

smart

payments

plan?

How

much

money

do

they

save

by

doing

smart

loans

compared

to traditional mortgages?