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Part 4 ( 2 marks ) Assume the couple purchases a home with a $ 4 0 0 , 0 0 0 , fixed -

Part 4(2 marks)
Assume the couple purchases a home with a $400,000, fixed-rate mortgage (fixed-rate mortgages are compounded semi-annually in Canada) and they opt for monthly payments, a term of 5 years at a rate of 6.2%, and an amortization period of 25 years.
All else equal, if they had chosen instead an accelerated bi-weekly payment, how much interest would they save over the life of the mortgage? Round to the nearest dollar.
\table[[\table[[Total Interest with Monthly],[Payments]],\table[[Total Interest with Accelerated Bi-weekly],[Payments]]],[Calculation,Calculation],[,],[Total Interest Savings,]]
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