Question
Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.25 % based on monthly compounding. With this mortgage your monthly payments would be
Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.25 % based on monthly compounding. With this mortgage your monthly payments would be
$ 2000 per month. In? addition, Oppenheimer Bank offers you the following? deal: Instead of making the monthly payment of $ 2000every? month, you can make half the payment every two weeks? (so that you will make 52/ 2 =26payments per? year). With this? plan, how long will it take to pay off the mortgage if the EAR of the loan is? unchanged?
The number of payments will be ______, which is approximately ___years.???(Round to two decimal places and enter the years rounded to the nearest whole? number.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started