Question
Ping and Dakota take out a mortgage of $170 000.00 at 5.8% compounded semi-annually over 30 years. They are deciding between paying it off
Ping and Dakota take out a mortgage of $170 000.00 at 5.8% compounded semi-annually over 30 years. They are deciding between paying it off in regular weekly payments or in regular monthly payments. a) Determine the total payments for one year in each case. How much do Ping and Dakota save each year with the weekly payment plan? b) Determine the total payments and interest paid in each case. How much do Ping and Dakota save over the life of the mortgage with the weekly payment plan?
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