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Midwest Bank is offering a 2 5 - year mortgage with an APR of 6 % based on monthly compounding. With this mortgage, your monthly
Midwest Bank is offering a year mortgage with an APR of based on monthly compounding. With this mortgage, your monthly payment would be $ per month. In addition, Midwest Bank offers you the following deal: Instead of making the monthly payment of $ every month, you can make one fourth of the payment every week so that you will make payments per year With this plan, how long will it take to pay off the mortgage if the EAR of the loan is unchanged?
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