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Oppenheimer Bank is offering a 30-year mortgage with an APR of 5.01% based on monthly compounding. With this mortgage your monthly payments would be $2,048

Oppenheimer Bank is offering a

30-year

mortgage with an APR of

5.01%

based on monthly compounding. With this mortgage your monthly payments would be

$2,048

per month. In addition, Oppenheimer Bank offers you the following deal: Instead of making the monthly payment of

$2,048

every month, you can make half the payment every two weeks (so that you will make

52/2=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

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