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Mr. Franks is buying a home for $300,000 and is putting down 25% cash on the purchase. He is financing the rest with a 30
Mr. Franks is buying a home for $300,000 and is putting down 25% cash on the purchase. He is financing the rest with a 30 year fixed rate mortgage at 4.25%, but is considering a bi-weekly payment option. How much interest would the bi-weekly option allow him to save over the life of the loan, and how long would it take him to pay off the loan?
I know the answer is $28,346 and 25.72 years but im not sure how to get that answer.
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