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please answer the question thank you for your time. You take an offer for a 30 -year mortgage of $180,000. The Bank of Montreal offers
please answer the question thank you for your time.
You take an offer for a 30 -year mortgage of $180,000. The Bank of Montreal offers you the following deal: instead of making the monthly payment of $1088.21 every month, you can make half the payment every two weeks (so that you will make 522=26 payments a year). How long will it take to pay off the mortgage if the EAR on the loan is 6.25% ? (Note: Be careful not to round any intermediate steps less than six decimal places.) The amount of time to pay off the loan is weeks. (Round to the nearest integer.)Step by Step Solution
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