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Oppenheimer Bank is offering a 3 0 - year mortgage with an APR of 4 . 8 7 % based on monthly compounding. With this

Oppenheimer Bank is offering a 30-year mortgage with an APR of 4.87% based on monthly compounding. With this mortgage, your monthly payments would be $2038 per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of $2038 every month, you can make half the payment every two weeks(so that you will make 52 divided by 2 equals 26 payments per year). With this plan, how long will it take to pay off the mortgage if the EAR of the loan is unchanged? Note: Make sure to round all intermediate calculations to at least 8 decimal places. What are the number of payments? And how many years will it take to pay off the mortgage?

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