Mr. & Mrs. Gruber borrowed $500,000 from BMO to buy a house in Laval, Quebec. The mortgage rate is quoted at 4% (QR), with semi-annual compounding, and equal bi-weekly payments (assuming 52 weeks per year). The loan is to be amortized over 25 years. How long will it take to repay the loan if Mr. & Mrs. Gruber double each payment to repay their mortgage sooner?

325 payments

248.1 payments

248 payments

250.6 payments

247.6 payments

282.6 payments

281.9 payments

252.8 payments

243.3 payments