Professor Lyda makes a monthly payment of $1600 on his mortgage. The original term of the mortgage is for 35 years at 8.75% interest compounded semi-annually. His lender suggests that if he makes bi-weekly payments of $800, it will reduce how long it will take to pay off the mortgage. How much did Professor Lyda originally borrow?

Professor Lyda makes a monthly payment of $1600 on his mortgage. The original term of the mortgage is for 35 years at 8.75% interest compounded semi-annually. His lender suggests that if he makes bi-weekly payments of $800, it will reduce how long it will take to pay off the mortgage. How much faster will the mortgage be paid off if Lyda makes the bi-weekly payments (26 payments per year)? (Answer in years by multiplying n by 26. Round to two decimal places.)

Professor Lyda makes a monthly payment of $1600 on his mortgage. The original term of the mortgage is for 35 years at 8.75% interest compounded semi-annually. His lender suggests that if he makes bi-weekly payments of $800, it will reduce how long it will take to pay off the mortgage. What is the difference in the cost of financing between making monthly and bi-weekly payments? Round to the nearest cent